Summary:
- Solana, like all altcoins, has turned bullish after Bitcoin regained $20k as support
- Solana is currently battling to turn the 50-day moving average as support
- If the bullishness is maintained, a golden cross will occur sometime in November, leading to the possibility of Solana retesting the August peak of $48
The cryptocurrency markets are currently benefiting from the ongoing bullishness that has resulted in Bitcoin regaining the $20k psychological price area as support.
Solana is Currently Facing the 50-day Moving Average as a Resistance
Solana (SOL) has not been left behind, as the digital asset has reversed from a bearish outlook that could have sent its value plummeting to June’s low of $25.86. At the time of writing, Solana is trading at $31.60 and looks set to keep moving higher as November begins.
The one-day SOL/USDT chart below, courtesy of Tradingview, shows that its 50-day (white) moving average offers short-term resistance at the $32 price area.
Also, from the chart, it can be observed that if Solana manages to flip its 50-day moving average as support, a Golden cross with the 200-day (green) moving average will likely occur in November. Such a scenario could open the doors for Solana to revisit its August peak value of around $48.
Its daily MACD and RSI (red) are yet to signal buying exhaustion, although the daily MFI (green) shows that a pullback or consolidation is in the pipeline for the coming days.
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