Solana (SOLUSD) Price Forecast: December 6
Due to the high volatility in the crypto market, the SOLUSD price is trending up above the supply levels and it is likely going to increase further as the bulls are in a recovery attempt at the moment. In case the bulls’ pressure breaks up the resistance level of $67.13, the coin price may increase further to a $70.00 high trend line which indeed will be a turnaround for the coin holders.
Key Levels:
Resistance Levels: $62.00, $63.00, $64.00
Support Levels: $51.00, $49.00, $48.00
SOL (USD) Long-term Trend: Bullish (Daily Chart)
SOLUSD indicates an upward trend above the supply levels with a bullish sentiment in its long-term outlook. The coin is now trading above the EMA-50. However, the market is presently facing resistance at the recent high.
The bulls were able to push the crypto up to the $63.94 resistance value in the last few days and have enhanced the price to stay above the supply levels in its recent high.
The bull race caused a rise in the price of Solana from a $63.02 level to a $65.26 high value above the moving averages. This, however, will create a strong area of interest for the buy investors.
In addition to that, this sharp dive in the crypto’s price accentuates that the excess buying pressure has stabilized, and the price could rise further again if the market sentiment doesn’t witness any unfavorable situation. With this new phase, the price trending above the supply levels may likely reach a $70.00 high level soon in its higher time frame.
SOL (USD) Medium-term Trend: Bullish (4H Chart)
Despite the interference from the sell traders on the medium-term outlook, the SOLUSD pair is trending up above the supply levels. The bulls have the market price at their disposal at present as the price bars are seen above the moving averages.
The bullish pressure on the coin to a $63.01 high value in the past session also contributed to its bullishness in its recent high.
The market price of SOLUSD which increased to a $64.30 high level suggests an improved bullish market sentiment. Thus, closing the 4-hour session above the $67.13 will put the trade more on the buy side.
In conclusion, if additional selling power is prevented, a post-retest rally may drive the prices high to hit the $70.00 resistance level as Solana’s price keeps trending up in its medium-term time frame.
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