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2 Key Catalysts Poised to Push Solana (SOL) to a New All-Time High

2 Key Catalysts Poised to Push Solana (SOL) to a New All-Time High

BeInCryptoBeInCrypto2024/11/24 01:04
By:Abiodun Oladokun

Solana trades at $255, bolstered by bullish Super Trend and Ichimoku Cloud signals. A new all-time high above $264 is on the horizon.

Solana’s (SOL) price clinched a new all-time high of  $264.39 during the trading session on November 23. Its price has since witnessed a 3% correction, causing the popular altcoin to exchange hands at $255.12 as of this writing.

Despite this pullback, the bullish bias toward the altcoin strengthens. An assessment of its daily chart highlights two reasons why a new Solana all-time high may be on the horizon.

Solana Bulls Relegates Its Bears

On the SOL/USD one-day chart, its price is positioned above the green line of its Super Trend indicator. This indicator measures the overall direction and strength of a price trend. It appears as a line on the chart, changing color based on the prevailing trend: green signifies an uptrend, while red indicates a downtrend. 

When the Super Trend line is above an asset’s price, it signals a downtrend, suggesting continued bearish momentum. In Solana’s case, when the Super Trend line turns green and moves below the price, buyers are in control.

This green line often acts as a support level, where increased buying pressure can drive a rebound following price dips. For Solana, this support is currently set at $213.53.

2 Key Catalysts Poised to Push Solana (SOL) to a New All-Time High image 0Solana Super Trend. Source: TradingView

Further, the coin’s price rests significantly above its Ichimoku Cloud, confirming this bullish outlook. This indicator tracks the momentum of an asset’s market trends and identifies potential support/resistance levels.  

When an asset’s price rests above the Ichimoku Cloud, it signals a bullish trend. It indicates that the asset is on an upward trend with the potential for further gains. In this case, the Cloud is a dynamic support zone below the price, reinforcing bullish sentiment.

2 Key Catalysts Poised to Push Solana (SOL) to a New All-Time High image 1Solana Ichimoku Cloud. Source: TradingView

SOL Price Prediction: New High on the Horizon

At press time, SOL trades at $255.12, below the new resistance at its all-time high of $264.39. If buying pressure strengthens further, the coin’s price will flip this level into a support floor and attempt to touch a new peak.

2 Key Catalysts Poised to Push Solana (SOL) to a New All-Time High image 2Solana Price Analysis. Source: TradingView

On the other hand, if profit-taking activity resurges, SOL’s price will shed some of its current gains to trade at $231.35. Should this level fail to hand, SOL’s price will fall toward the support formed by its Super Trend indicator at $213.53. This will invalidate the possibility of a new Solana all-time high in the near term.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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