Solana

Aptos

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<p><strong>Solana (SOL) has been on an incredible bull run over the last month, rallying over 172% from $21 to break above the key $60 resistance level. After breaking out from a Falling Wedge pattern, Solana surged to its highest price since May 2022 as buyers stepped in.</strong></p>
<p>According to technical analysis from <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true">altFINS</a>, Solana remains in a clear uptrend across the short, medium and long term timeframes. Momentum is strongly bullish, with the MACD line above the signal line. However, the Relative Strength Index (RSI) is now in overbought territory above 80, indicating the rally may be due for a pause or minor pullback.</p>
<p>The nearest support zone for Solana is around $47, which aligns with previous resistance from August. Below that, the $38 level marks the next key area of expected support. If the rally is to continue, bulls must defend these support levels.</p>
<p>Resistance is now found around $60 where Solana topped out briefly. Above that, the key test will be the $80 area, a price level not seen since May last year. With the RSI overheated, Solana may need to consolidate under $60 before a retest of $80.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-1024x573.png" alt="" class="wp-image-375375" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-2048x1146.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-290-788x441.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p>
<p>In summary, while Solana’s upside momentum has been hugely impressive, its extremely overbought conditions suggest some potential pitfalls for traders. Setting price alerts on support and resistance zones can help monitor whether this rally has enough fuel left in the tank. Traders may look to buy a pullback given the bullish trend structure.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/altcoin-market-cap-gearing-up-for-14-rally-but-critical-support-retest-comes-first/" target="_blank" rel="noopener noreferrer nofollow">Altcoin Market Cap Gearing Up for 14% Rally, But Critical Support Retest Comes First</a></li>
 <li><a href="https://captainaltcoin.com/dogecoin-has-only-one-direction-from-here-as-price-confirms-crucial-breakout/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin Has Only One Direction From Here as Price Confirms Crucial Breakout</a></li>
 <li><a href="https://captainaltcoin.com/investment-spike-in-vc-spectra-by-whales-prospects-for-thorchain-and-aptos/" target="_blank" rel="noopener noreferrer nofollow">Investment Spike in VC Spectra by Whales; Prospects for THORChain and Aptos</a></li>
</ul>
<p>However, when taking a longer-term view, it’s notable that Solana still remains far below its all-time high around $258 reached in 2021. This suggests there is plenty of room for further upside if bullish momentum returns.</p>
<p>Breaking above the current 2023 high around $60 would open the door for a retest of Solana’s ATH. Though overbought in the short-term, the altcoin could have much further to run over the longer term if key support holds during any cooldown period.</p>
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<p>The post <a href="https://captainaltcoin.com/overbought-solana-sol-at-risk-of-pullback-after-172-monthly-explosion-heres-why/" rel="noopener noreferrer nofollow">Overbought Solana (SOL) At Risk of Pullback After 172% Monthly Explosion – Here’s Why</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Overbought Solana (SOL) At Risk of Pullback After 172% Monthly Explosion – Here’s Why

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