Solana (SOLUSD) Price Forecast: December 12
The SOLUSD price is at the moment trading in a rising channel. The coin may likely continue its bullish trend if the bulls could be passionate about their buying stuff and push harder. In case the bulls should defend the selling pressure at the $72.11 low level, the coin price may break the resistance level of $75.31 and this may increase the coin price to the $80.00 upper high trend line and beyond.
Key Levels:
Resistance Levels: $22.00, $23.00, $24.00
Support Levels: $14.00, $13.00, $12.00
SOL (USD) Long-term Trend: Bullish (Daily Chart)
The chart below clearly shows that SOLUSD is in a bullish trend, which may continue in the long-term view. The price currently trades above the EMA-50, making higher highs and approaching the major upper resistance area.
The bulls’ activities at $70.66 in the last few days have made the coin price remain strong above the supply trend line in its recent high.
A rise to a $74.67 high level by the bulls shortly after the commencement of the daily chart today affirms the high impact of the long traders in the market.
Thus, the price of Solana may continue its bullish trend and advance further if the bulls can redouble their efforts and push above the $75.31 previous supply level.
Adding to that, further upsides are likely as the price signal remains in an upward direction. This means that the SOLUSD price may continue its bullish trend and this may reach the $80.00 upper supply value soon in the higher time frame.
SOL (USD) Medium-term Trend: Bearish (4H Chart)
Despite short-term traders’ interference in the price flow, the medium-term time frame market is bullish. However, the chart suggests that the coin price may continue its bullish trend as it remains uptrend.
Pressure from the bulls at the $22.13 high value in the previous action has sustained its upward stability in its recent high.
Today, the bulls are trying hard to remain above the $77.77 supply mark, so the coin price can pull back at the current support of $72.11 level to invalidate the bearish theory.
Adding to that, the market price of Solana is approaching the oversold region; this means that the momentum in the coin price may likely turn positive and continue its bullish trend.
We can now expect the next jump by the bulls to reach a $80.00 upper resistance level in the days ahead in its medium-term time frame.
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