Is $75 the next target for Solana bulls?



Title: Solana [SOL] Technical Analysis: Bulls March Toward $80 as Rally Continues

Byline: Journalist | November 11, 2023

Solana [SOL] Rally Analysis

Solana bulls have been on a winning streak, with prices surging past the $25-$27 resistance zone in October. The momentum has remained strong, even pushing past $50 and showing potential for further extension to $80 by the end of the year.

Rally Strength and Technical Analysis

The recent 146% rally to $51.93 has shown no signs of losing steam. In early November, technical analysis by AMBCrypto highlighted key levels of interest at $44 and $51.5 on higher timeframes, and the rally has since met those expectations.

Navigating the Markets

Traders are now looking for ways to navigate the markets in the coming week as SOL continues its upward momentum.

The 100% Fibonacci Extension Level

On the three-day price chart, SOL has shown a series of green candles, reaching highs at $39.18, $48.38, and $75.35. The breach past the $25.43 mark was a significant shift in market structure, with buyers maintaining control and support around the $39.18 level.

Bullish Momentum Analysis

With the RSI at 90 and indicators like OBV and CMF signaling increased buying volume and capital influx, the bullish momentum is evident. The question now is whether the bulls can sustain their march above $50.

Potential Retracement and Support Zones

Although the 100% Fibonacci extension level has been tested, it may be wise for bulls to book profits, with likely support zones at $44 and $39 in case of a pullback. The Hyblock liquidation levels heatmap also provides insight into potential pullback levels at $41.7, $39.2, and $37.36.

See also  Golteum and Polygon team up to tackle DeFi scalability

Future Price Movements

If SOL manages to move above $51 and retest the $48-$51 zone, a rally to $75 could be in the cards, offering potential opportunities for traders in the coming weeks.

Conclusion

The recent performance of Solana [SOL] has been impressive, with bulls pushing the price higher and maintaining momentum. With potential for further upward movement and key support and resistance levels to consider, traders are positioning themselves to capitalize on potential price movements in the crypto market.



### News source: ambcrypto.com

By Team