Chart by TradingView
Solana’s spectacular performance appears to have reached a top.
Key Support levels: $43
Key Resistance levels: $67
After new local highs, Solana has arrived at the $67 key resistance where sellers appear to be making a stand. Buyers failed to break this level and now are on the defensive. The key support is at $43.
Since mid-October, Solana went from $21 to $67 without any significant pullbacks. This is why a deeper correction could be expected at some point in the future.
While SOL’s price is making higher highs, this is not the case on the daily RSI which is showing a bearish divergence. This signals that buy momentum is fading and may give sellers an opportunity to push this cryptocurrency lower.
The bias for SOL is neutral.
Solana remains a very strong performer, but this rally may be approaching its end. If buyers fail to take the price above the resistance at $67, then sellers could take over in the near term.
