Solana can reach new ATH if you overcome this level, reveals analysis

by Stephen Douglas
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Solana can reach new ATH if you overcome this level,
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Solana can reach new ATH if you overcome this level, reveals analysis
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Solana (Sol) operates high this Friday (24), with its price less than 10% of reaching a new historical maxim.

COGGECKO data show that sun price has risen approximately 9% in the last 24 hours. With this, it was negotiated again above $ 265. In the accumulated week, the appreciation exceeds 20%.

However, buyers still have a big challenge to overcome before reaching the current record of $ 293:

The daily chart shows that the Sol started a big trend On January 13, when it registered a minimum of $ 168. This movement culminated in a valuation of 75% and current ATH, recorded last Sunday (19).

Bulls struggle to overcome Solana resistance

With the followed correction, Altcoin was consolidated between 0.5 and 0.236 retraction levels, which are acting as support and resistance respectively.

As you can see in the image below, bulls (buyers) are making the third attempt to exceed the level of 0.236 at $ 265. Thus, by forming daily candles above this level, they will theoretically have free path to the current record price.

In this sense, the Fibonacci extension tool shows that if a new ATH is done, bulls can push the price of solana to the $ 360 region. This jump would represent a 35% appreciation compared to the current price.

The main Technical Indicators indicate that, soon, the price of Sun may overcome resistance at the retraction level of 0.236.

First, the Balance of Power (BOP), which was worth the relative force between buyers and salespeople on the market, is above 0.5. This shows a trend control by the bulls.

However, the Relative Strength Index (RSI) is very close to 70. With this, new price highs can make Solana go into a state of overcomparance. The last time this happened, it was not long before Altcoin corrected.

Solana can reach new ATH if you overcome this level, reveals analysis

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Solana can reach new ATH if you overcome this level, reveals analysis

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Solana can reach new ATH if you overcome this level, reveals analysis

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