This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Solana (SOL) continues to perform well, holding gains above $70 and outperforming Bitcoin. It appears to be gearing up for a potential surge towards $80 or $85.
In the previous analysis, we discussed the possibility of further upside if SOL cleared the $61.80 resistance. It not only cleared that level but also rallied above $65 and gained momentum above $70.
However, the bears made a stand near the $78.00 resistance, resulting in a downside correction. Despite this, SOL managed to stay above the $65 support zone and the 50-day simple moving average. Additionally, a bullish trend line is forming with current support at $66.50 on the daily chart.
Recently, SOL tested the trend line and is currently showing signs of moving higher. The price is up nearly 3% today, indicating the potential for further upside. The bulls may encounter resistance near the $72.50 level, with the first major resistance at $75.00. The main breakout zone is now around $78.00, and a clear break above that level could fuel another rally. If this happens, the next target for the bulls could be around $85.00, and potentially even higher towards the $100.00 barrier in the coming days.
On the other hand, if SOL struggles to clear the $78.00 resistance, it may face a correction lower. Immediate support is near the trend line, followed by the first major support at $65.00. The main support level is at $61.40. A break below this level could lead to an extended decline, with the price potentially testing the $51.40 support and the 50-day simple moving average.
In summary, SOL is currently showing positive signs and holding gains above $65.00. If it remains stable above the trend line and $61.40, there is potential for a fresh surge. However, if it fails to maintain stability, a downside correction towards $51.40 could be expected.
Fundamentally, Solana has been making waves as they conclude their exhibition at Art Basel in Miami Beach. Three Solana artists showcased the blending of digital inspiration with traditional mediums, highlighting the innovative possibilities of art on the blockchain.