- Solana price is trading at $82, following a 29% rally from yesterday’s low at $65.
- SOL breaks above $80 to set a fresh all-time-high above $84
- TD sequential indicator sends a bearish signal indicating Solana could correct soon.
Solana price has jumped over 29% in price from yesterday’s low around $65.53 to set a new all-time high (ATH) today around $84.86 according to data from Binance. This recent rally has seen Solana move up two places from being ranked #10 to #8 on Coinmarketcap with a market capitalisation of $23,929,894,117 which has also jumped by 20% over the last 24 hours.
Solana Price Captures Fresh All-Time High
Solana reached a new ATH today when it breached the $80 barrier. The smart contracts token is currently trading at $82.75 crypto exchanges and continues with bullish momentum with buyers determined to reach higher highs. This has the Solana price breach the $80 hurdle to set a new ALT high around $84.86.
The Solana price prediction remains bullish in the near future. Technical indicators show that bulls are still in control of SOL.
Yesterday’s and Wednesday’s slide under towards the $65 support level called more investors into the market, propping SOL to close the gap to $80.
Note that a break above $84 ATH will put SOL on track to discover more highs around $100. However, for this to happen, Solana must reinforce the $75 support level.
SOL/USD Daily Chart
Crypto signals from the Moving Average Convergence Divergence (MACD) indicator adds credence to this bullish thesis. This technical indicator has persistently remained in the positive region with the 12-day EMA moving upwards above the 26-day EMA since August 01, hence reinforcing Solana’s uptrend towards $100. Moreover, the MACD abandoned an impending sell signal on Thursday adding credence to this optimistic outlook.
At the same time, the parabolic SAR flipped from negative to positive and moved below the price on Thursday. Note that as long as the Parabolic SAR remains below the price, the bullish momentum remains.
Moreover, the upsloping Relative Strength Index (RSI) as it continues to ignore the overbought conditions implies that the bullish grip on Solana is tightening while speculation for another rally intensifies.
Can Solana Price Bullish Outlook be Invalidated?
Solana’s bullish thesis may be invalidated if SOL closes the day below the immediate support level at $75. If this happens, the Solana price could fall towards the Thursday’s and Wednesday’s lows around $65. If support at this point fails to hold, Solana could drop below the $60 mark to rest-test the $50 psychological level.
Note that the TD Sequential indicator, which can be used in identifying the positions where an asset’s uptrend or downtrend exhausts itself, validates this bearish thesis. It has opened a sell-signal as seen on the three-day chart. This happened when the green nine candlestick appeared yesterday anticipating a one to four three-day candlesticks correction.
Buy SOL Now?
The top exchanges for trading in Solana cheap currently are: eToro, FTX, Binance and Coinbase. You can find others listed on our crypto trading platforms page.
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Nancy Lubale
