THELOGICALINDIAN - Solana looks unstoppable as the asset continues to accomplish college highs
Solana has been on a cycle afresh as its amount continues to accomplish new best highs, decoupling from the blow of the cryptocurrency bazaar in the process. Now, SOL charge actually abutting aloft $84 to ambition $100.
Solana Makes New All-Time High
Solana aloof set a new best high.
The high-throughput blockchain’s SOL badge has enjoyed an absorbing balderdash assemblage over the aftermost month. The tenth-largest cryptocurrency by bazaar cap has gained added than 270% in bazaar value, peaking at a aerial of $82 on Aug. 21 afore a slight retrace.
The Tom DeMark (TD) Sequential indicator showed that a fasten in profit-taking was underway as it presented a advertise arresting on the circadian blueprint almost 24 hours afterwards SOL set a new almanac high. The bearish formation, which developed in the anatomy of a blooming nine candlestick, was accurate as SOL plummeted appear $66.
Now, it appears that investors accept taken advantage of the abrogating amount activity to buy Solana tokens at a discount. The accretion appeal for the asset has accustomed prices to balance the losses incurred, blame it to almanac a new anniversary of $84.
The Fibonacci retracement indicator (measured from May 18’s aerial of $58.40 to May 23’s low of $19.10) suggests that a absolute circadian abutting aloft $83 could advance to college highs. Based on this abstruse index, Solana could ambition $97 or alike $108 aloft a bright aperture of the 161.8% Fibonacci retracement level.
It is account acquainted that the Relative Strength Index (RSI) suggests that Solana is trading at overbought conditions. More importantly, a bearish alteration appears to be developing amid the ascent prices and the crumbling RSI. For this reason, investors charge pay abutting absorption to the $78 support.
If Solana were to breach through the $78 level, it could arresting the alpha of a abrupt correction. Under such different circumstances, SOL could dive appear $58.40, the akin the asset topped out at in May. Slicing through this acute appeal barrier ability see added bottomward burden to $43.40.
