VOT Research Desk
Technically, the price of solana is showing significant indicators of improvement. Looking at the primary gauge of sentiment, the Relative Strength Index (RSI), it’s evident that only up is possible.
Finally, with December fast approaching, SOL can exit the oversold zone. With the upswing witnessed on Tuesday and early Wednesday, a rally appears to be a foregone conclusion, with no significant resistance along the way.
As a result, SOL is poised for a surge toward the initial $15.07, which serves as the cap level for the most of November.
When that is breached to the upside, the longer-term red descending trend line will be breached once more. From there, a large area opens up toward $18.66, which would represent a 37% gain.
As some upward is permitted, a firm rejection on the topside may be imminent. That $15.07 resistance level has been holding firm throughout November and might easily do so again.
Certainly, if Powell’s speech has a hawkish undertone by stating that inflation is sixty and will remain so through 2023, the markets’ present perspective on things will be drastically altered.
Expect SOL to swiftly fall below $10 and flirt with a break below that psychological threshold toward $7.26 as a result of this.
