Shamii

06/12 02:47

As Bitcoin approaches an all-time high, altcoins m

As Bitcoin approaches an all-time high, altcoins may not be able to match the same growth momentum.

A major technical turning point is approaching that could signal the end of Solana’s extended bearish phase. SOL is clearly showing bullish strength as it is currently trading around $166 and has broken both the 50-day ($160) and 100-day ($158) exponential moving averages. More importantly, a golden cross, which traditionally marks the transition from bearish to bullish momentum, appears when the 50-day EMA begins to converge with the 200-day EMA. A confirmed golden cross would be a strong technical confirmation for long-term investors who have weathered months of market turbulence.



This cross was last seen by SOL prior to a multi-month uptrend.  There is potential for further upside momentum given the steady increase in volume and the Relative Strength Index (RSI) rising to 56, still below overbought territory. Bulls should remain cautious, however. Just below the April swing high, the $180 level is a key resistance zone.

The price could face similar challenges again after failing to break out of this area during its last rally attempt. A decline towards the 100-day EMA, currently trading near $158, could be triggered by a rejection of $180. Traders should keep a close eye on price action as the SOL approaches this barrier, but this does not necessarily invalidate the bullish outlook, as healthy corrections are a necessary component of a sustainable rally. It would be possible to play the psychological $200 level if there were a confirmed break above $180, preferably on increasing volume.

#Share Your Thoughts on Popular Assets in June#Do you think LISTA is promising?#Do you think RESOLV is promising?

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