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
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
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
