Solana has been one of the best-performing cryptos of 2023, with a jump from $9.80 to $96, nearly a 10x increase! Let’s explore what the future holds for one of the fastest Layer 1 platforms.
Can Solana Go To The Next Resistance At 130$…
Source : Tradingview
Firstly, we’ll begin with a weekly perspective. As you can see, Solana broke the $70–$80 resistance level and is now heading towards the $135 resistance level.
It will be challenging, considering it’s also the 0.618 level of Fibonacci. The RSI is in the overbought area, but that’s not a problem as the price can increase significantly before the RSI drops below 70. There are no divergences, which is a positive sign.
However, it’s above the level we saw when Solana reached its all-time high, so there might be a pause in the trend to allow the RSI to cool off.
…Before a restest of the 85$ support level ?
Source : Tradingview
Moving to the daily timeframe, we observe a resistance at the 0.382 (102$) Fibonacci level. While not the most critical level in an uptrend, it could slow down the upward momentum.
There is a divergence in the RSI, but until there is a break of the trendline in blue, there is no confirmation of a possible change in trend.
Solana is a major crypto to follow in 2024, positioned as the third major crypto below BTC and ETH. What are your thoughts on Solana? Where do you think it will go?
(Update: Since the beginning of my writing for this article, Solana has made a significant jump towards $102, the Fibonacci level we’ve identified. We’ll see how it goes.)
And you, what are your thoughts on Solana ? Where do you think it will go ?
As Always thank you for reading !
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Disclaimer : This is not a financial advice, you need to do your own research !
