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Solana Price (SOL) Rose 93%, Surpassing $100; Will it Continue?

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Solana Price (SOL) Rose 93%, Surpassing $100; Will it Continue?
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Solana price prediction suggests bulls are very aggressive and might continue the rally in January as well. It is in a strong uptrend and forming a bullish pattern which indicates the strength of bulls. 

SOL price rose 93% in the current month and succeeded to break out of the $100 barrier. It boosted the confidence of the long term investors and fueled the rally. 

At the same time, the buying volume also increased and positively impacted the price. It showcases the participation of big and genuine investors in the rally. 

From the beginning of November to mid December, Solana crypto price was in the $40 to $80 range. This consolidation can be treated as base formation which will now act as a demand zone for the bulls.

The 50 day and 200 day EMAs are sloping upwards. The price is also on a slow and steady rise and sustaining above the EMAs. 

It confirms the uptrend but price looks mildly overbought. So, a minor profit may trigger anytime which may drag the price back to the 50 day EMA. Currently, the pair of  SOL/USDT is trading at $114.84 with an intraday rise of 6.45%. 

Will Solana Price be able to Hold a $100 Breakout?

Solana Price (SOL) Rose 93%, Surpassing $100; Will it Continue?
Source: SOL/USDT daily chart by Tradingview

Solana price showed a surprising rally in December and rewarded its long term investors. This steep rally is supported by a high buying volume so it increases the possibility of sustaining the higher levels.

For the past five consecutive sessions SOL price is rising and hitting the new swing highs. Recently, Solana crypto surpassed the $100 mark after forming a base near $80.00. So, the breakout looks powerful and reliable. 

However, it will be better if SOL crypto spent time in consolidation, before marking further highs. 

SOL Price Rose 59% in Current Week, What’s Next?

SOL price rose 59% in the current week. Majority of December gain is a contribution of the recent weekly move. The chart pattern of this crypto has turned bullish on multiple time frames. 

The next hurdle for the bulls is the $143.00 level. If the momentum continues the price may reach $140.00 by January 2024. On the other hand if SOL begins the short term correction then the $80 to $100 zone may act as a support. 

Conclusion

Solana price prediction suggests till SOL sustains above $100 level the bulls will continue their dominance. The recent move in Solana looks powerful and reliable so it’s better to look for buy on dips opportunities. 

Technical levels
  • Resistance Levels: $143.53 and $150.01
  • Support Levels: $100.02 and $79.61
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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