Solana Surges %10 Percent as Trump Leads in 2024 Election Polls
FxNews— Solana rose 10% on Wednesday as Donald Trump led Harris in 2024 election polling. The price surged from $155.1, peaking at $188.2 before easing. Bears briefly pushed SOL below the October 29 high of $183 but couldn’t hold ground.
Currently, SOL/USD trades around $185, with RSI and Stochastic in the overbought zone, suggesting short-term overvaluation. Going long at this level is not advised. A wait for consolidation near the 61.8% Fibonacci level at $175 or the 38.2% level at $167 offers better entry points for bulls.
The uptrend holds as long as SOL trades above the 100-period moving average, with a potential target at the July 29 high of $194.
Support: 183.3 / 175.0 / 167.0
Resistance: 188.2 / 194.0
Currently, SOL/USD trades around $185, with RSI and Stochastic in the overbought zone, suggesting short-term overvaluation. Going long at this level is not advised. A wait for consolidation near the 61.8% Fibonacci level at $175 or the 38.2% level at $167 offers better entry points for bulls.
The uptrend holds as long as SOL trades above the 100-period moving average, with a potential target at the July 29 high of $194.
Support: 183.3 / 175.0 / 167.0
Resistance: 188.2 / 194.0
Note
Today, Solana exceeded the 188.29 resistance, targeting the July 29 high at 194.0. The technical indicators warn about an overbought market. Joining a bull market when it is saturated from buying pressure is not advisable.
FxNews analysts expect SOL/USD to begin a consolidation phase near the %50 Fibonacci support level at 174.5.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.