Solana Returns to the $260 Historical Price Level

Key Highlights

Solana rallies to the previous high of $260
The crypto asset reaches the overbought region

Solana (SOL) Current Statistics

The current price: $242.73
Market Capitalization: $115,228,689,478.29
Trading Volume: $8,065,284,626.64
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction:

Solana’s (SOL) price has risen significantly as it returns to the $260 historical price level. The cryptocurrency price is seeking to stall near its recent high. However, if buyers maintain the price above the recent high, the altcoin will rise to its historical price of $260. The historical price level of $260 was reached on November 6, 2021, before the downturn resumed.

Meanwhile, the November 12 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement line. The retracement predicts that SOL will rise but will reverse at the 1.272 Fibonacci extension, or $241.12. According to the price action, the market has surpassed the Fibonacci level as it approaches the next barrier at $260.

Solana (SOL) Price Indicator Analysis 

The moving average lines are sloping northward, indicating an uptrend. The cryptocurrency’s 21-day SMA is higher than its 50-day SMA, indicating an upward trend. However, the market has hit an overbought level. Solana will be rejected at the recent high.

What Is the Next Move for Solana (SOL)?

On the 4-hour chart, Solana has maintained its positive trend as it returns to the $260 historical price level. The altcoin stalled below the $240 mark before continuing its bullish trend. The bullish trend is likely to surpass its prior high of $260. The prior high will serve as a barrier for the cryptocurrency asset. The crypto signal is positive, with the altcoin maintaining its bullish trajectory above the $240 high.

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