CandleFocus Solana’s 30% Rally Brings SOL to a 3-Year High, Market Cap Rises Above $100 Billion
2024-11-11
Author: Content Editor
Solana (SOL) has experienced a significant price breakout, reaching a market cap of $100 billion and becoming the fourth cryptocurrency to achieve this milestone. However, there are some cautionary signals that could hinder further gains. The number of active addresses on the network has declined, indicating potential selling pressure. This divergence between price and active addresses could lead to a dip in momentum and trigger profit-taking among investors. Additionally, the Relative Strength Index (RSI) suggests Solana is overbought, which historically has resulted in short-term corrections. If investor enthusiasm cools, there is a heightened risk of a reversal. Solana's price is currently nearing a support level at $201, and a failure to hold this level could lead to further declines. On the other hand, if Solana rebounds from this support level, it may attempt to break past the resistance at $221 and regain bullish momentum.
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