Thursday, November 21, 2024
0.2 C
London

Solana Surges as Trump Leads in 2024 Election Polls

FxNews—Solana experienced a 10% increase in value on Wednesday amid Donald Trump being ahead of Harris on the 2024 U.S. election. The price jump began from 155.1 and eased after SOL hit the upper band of the bullish flag at 188.2.

Furthermore, the bears pushed the price below the October 29 high at 183.0 amid Stochastic’s overbought signal, but they failed to maintain their position.

Solana Price Hits $185 Overbought RSI Signals Risk

Solana Price Hits $185 Overbought RSI Signals Risk
Solana Price Hits $185 Overbought RSI Signals Risk

As of this writing, SOL/USD trades at approximately $185. As for the technical indicators, the RSI and Stochastic hover in the overbought territory, suggesting Solana is overpriced, at least in the short term. Therefore, going long by joining the market at this price is not advisable.

That being said, since today’s robust bullish momentum left a bullish fair value gap behind, it is recommended to wait for the SOL/USD price to consolidate near the 61.8% Fibonacci retracement level at $175, followed by the 38.2% level at $167. These supply zones provide a decent bid to join the bull market.

Solana Targets $194 if Uptrend Stays Above Moving Average

Please note that the Solana uptrend remains valid as long as the crypto pair trades above the 100-period simple moving average. In this scenario, the next bullish target could be the July 29 high at $194.

  • Support: 183.3 / 175.0 / 167.0
  • Resistance: 188.2 / 194.0

Latest Posts

USDCHF Rises Amid Unexpected Drop in Swiss Inflation

The USD/CHF pair bounced from the %50 Fibonacci retracement...

Iron Ore Prices Surge to $102 Amid China Demand

Iron ore prices for cargoes containing 62% iron have...

November Boost in France Manufacturing Climate

In November 2024, France's manufacturing climate indicator rose to...

France Business Climate Slips in November

In November 2024, France's business climate index slipped to...

USDJPY Bull Market Surges Amid Ueda Rate Comments

The American dollar decreased slightly, about -0.3, against the...

Gold Surges Above $2650 as Russia-Ukraine War Escalates

Gold prices exceeded the 38.2% Fibonacci level, trading at...

Gas Prices Near Year High as Cold Snap Threatens Europe

Prices for European natural gas futures approached €47 per...

U.S. Gasoline Futures Hit Two-Week High at $2.05

Gasoline futures in the U.S. peaked at $2.05 per...

Silver Rally Halts at $31.4 Amid Solar Panel Surplus

FxNews—Silver prices eased to $30 per ounce as the...

Oil Prices Stable $69 as Geopolitical Risks Soar

FxNews—WTI crude oil futures remained above the $66.8 critical...

WTI Crude Dips to $68.5 as Norway Field Restarts

On Tuesday, WTI crude oil futures decreased to $68.5...

Silver Eyes $31.3 Amid Changing Fed Policy Views

FxNews—Silver prices test the $31.3 resistance, above the 50-period...

Gold Hits $2620 as Investors Eye Fed Moves

FxNews—Gold prices climbed above $2,620 per ounce, reaching their...
spot_imgspot_img