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06/12 10:49

As Bitcoin coming closer to all-time high, altcoin

As Bitcoin coming closer to all-time high, altcoins might not reach same growth pace.

A significant technical turning point that might signal the end of Solana's protracted bearish phase is approaching. SOL is clearly displaying bullish strength as it is currently trading at about $166 and breaking through both its 50-day ($160) and 100-day ($158) exponential moving averages. More importantly, a golden cross, which traditionally denotes a shift from bearish to bullish momentum is appearing as the 50-day EMA starts to converge with the 200-day EMA. Strong technical confirmation for long-term investors who have weathered months of market turbulence would be a confirmed golden cross. 



This crossover was seen by SOL prior to a multi-month uptrend the last time. There is potential for further upward momentum given the volume's steady increase and the Relative Strength Index's (RSI) rise toward 56, which is still below overbought territory. Bulls though should continue to exercise caution. Slightly below April's swing high, the $180 level is a key resistance zone.

Price may encounter similar difficulties again after failing to break through this region during its most recent rally attempt. A decline toward the 100-day EMA, which is presently trading close to $158, could be triggered by a rejection from $180. As SOL gets closer to this barrier, traders should keep a close eye on price action, but this does not necessarily disprove the bullish outlook because healthy corrections are a necessary component of sustainable growth. It would be possible to run at the psychological $200 level if there was a confirmed breakout above $180, preferably on increasing volume.

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