Investing.com - Financial Markets Worldwide
🤔 This week: TSLA Q3 earnings report - is now the right time to buy the EV giant?Explore TSLA Data

Solana (SOL) Eyes a $60 Retest But Here’s What It Requires

Published 11/29/2023, 03:54 PM
Updated 11/29/2023, 04:15 PM
Solana (SOL) Eyes a $60 Retest But Here’s What It Requires

  • SOL ran past the resistance around $56, with the RSI indicating more upside for the token.

  • If Solana continues to attract institutional capital, SOL may hit a new yearly high.

  • If profit-taking begins before $60, the $53.93 support may prevent SOL from a nosedive.

Solana (SOL) tapped $58.47 again after the altcoin followed the upward direction of the broader market on November 28. This increase could be attributed to Bitcoin’s (BTC) initial jump above $38,000 on the same day.

While Bitcoin has retraced from the said value, SOL was once again the top gainer out of all the top 10 cryptocurrencies as per market value. According to the SOL/USD 4-hour chart, the cryptocurrency was able to flip the $53.93 support.

However, during its upward run, SOL faced a barrier at $56.31. But with bulls in control of the market, SOL was able to beat the resistance while eyeing a fresh weekly high. Indicators like the Relative Strength Index (RSI) signal a potential for more upside.

Bulls Send Bears Into Extinction

At press time, the RSI was 60.22. This reading was largely above the neutral 50.00 point, indicating a clear bullish momentum for SOL. Should this buying m…

The post Solana (SOL) Eyes a $60 Retest But Here’s What It Requires appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.