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
Nota
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.
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