The Solana (SOL) cost developed a bearish weekly candlestick after 5 bullish ones preceding it.
Although it fell, SOL still trades above an essential horizontal assistance location. Will it resume its climb?
Solana Increase Finally Cools Down
The SOL rate has actually increased given that being up to a low of $8 in December 2022. The cost produced a greater short on June 5, breaking out from a long-lasting coming down resistance pattern line in July.
Solana stopped working to sustain its upward motion, returning to confirm the pattern line as assistance in September (green icon).
The SOL cost accelerated its rate of boost later. Before recently’s bearish weekly candlestick (red icon), the SOL rate had actually produced 5 succeeding bullish ones in the weekly timeframe. Far, SOL has actually reached a brand-new annual high of $68.20.
SOL/USDT Weekly Chart. Source: TradingView
On November 29, the Solana Foundation will hold an AMA about developer tooling, environment, and possibilities on Solana. The Solana neighborhood likewise revealed that it is making its launching at Art Basel Miami Beach, showcasing a brand-new blend of conventional art and innovation.
Cryptocurrency trader Michael Kanhwald has a bullish view on SOL due to the fact that the rate recovered a crucial horizontal assistance location.
