Cryptocurrency Solana has had an eventful 2023, opening the year at a value of $9.97 and pumping by 150% to a local peak of $25 set late Sunday and then again early Monday. On December 29th, Solana had set a local low of $8, meaning that it has pumped by 212% to the local peak value since then.
Solana’s current price movement are in contrast to traders believing that it could go to zero due to its association with bankrupt FTX crypto exchange, its former CEO Sam Bankman-Fried and his hedge fund, Alameda Research.
Solana Aims to Reclaim $28 That Coincides with the 200-day Moving Average
Further checking the one-day SOL/USDT chart below courtesy of Tradingview.com, it can be observed that Solana is in bullish territory above the 50-day (white) and 100-day (yellow) moving averages. Its Parabolic SAR (blue dots) further confirm its bullishness as Solana sets its eyes on the 200-day moving average (green) located around the $28 price area.
However, its one-day MFI (green), MACD and RSI (red) all hint at an overbought scenario that could ultimately lead to consolidation at current levels or a pullback to lower levels. If the latter happens, Solana has the following price areas acting as support.
- $20
- $19.24, which coincides with the position of the 100-day moving average
- $15