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Solana

In the cryptocurrency market, technical analysis is an essential indicator, especially for investors trading in the futures market. So, what clues does technical analysis provide for <a href="https://en.coin-turk.com/solana-sol-price-will-it-rise-again-critical-levels-for-altcoin-and-investors/" data-wpel-link="internal">Solana</a>, which was trading at $73.82 at the time the article was written? We examine this with a detailed chart analysis and key support and resistance levels. 
<h2 class="p1" style="text-align: justify" id="noteworthy-prediction-for-sol">Noteworthy Prediction for SOL</h2> 
As of December 19th, <a href="https://en.coin-turk.com/finally-reached-100-significant-progress-in-leading-altcoin/" data-wpel-link="internal">SOL</a> is trading around $73.82, approximately a 50% increase from its $51 level a month ago. However, the rally on the SOL front seems to lack the momentum needed to sustain the uptrend. In particular, the cryptocurrency’s Relative Strength Index (RSI) on the three-day chart has fallen from 90 to 73, continuing to create lower peaks against higher price peaks. 
A similar declining trend can be observed between the rising SOL price and the decreasing three-day trading volumes. This could be an early warning sign that the current bullish trend is losing strength and raises questions about the possibility of a trend reversal. 
Recently, the SOL price has stabilized at the $73 level, which intersects with the 0.236 Fibonacci level that served as support in the first quarter of 2022. Therefore, if SOL follows the signals of a bearish divergence towards the target price, it could lead to a 40% decline towards the 50-3D Exponential Moving Average (EMA; red wave) near $42 by January 2024. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-291299 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/sol-graik-yorumu.png" alt="" width="2710" height="1434"> 
<h2 class="p1" style="text-align: justify" id="downtrend-in-solana-could-create-buying-opportunity">Downtrend in Solana Could Create Buying Opportunity</h2> 
In response to these claims, analyst Cold Blooded Shiller stated that a downward deviation in Solana’s price, if followed by sales, could create a buying opportunity. Shiller commented: 
<blockquote> 
 “These really show that we have a greater chance of reaching cheaper prices to buy, not that it’s the macro crypto peak. Trends are still upward, and we still want to buy; we don’t care much about the short side, and we’re getting some signs that we might be lucky to reach cheaper assets in the market.” 
</blockquote> 
In other words, the Solana price trend could hover around the 50-3D EMA and could be followed by a recovery in the first quarter of 2024. The weekly chart of Solana also presents a similar outlook. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-291298 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/sol-haftalik.png" alt="" width="2710" height="1434"> Continue Reading: <a href="https://en.coin-turk.com/insights-on-solanas-technical-analysis-and-potential-price-movements/" data-wpel-link="internal">https://en.coin-turk.com/insights-on-solanas-technical-analysis-and-potential-price-movements/</a>

Insights on Solana’s Technical Analysis and Potential Price Movements

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