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- Solana price is up 550% since early June, defying negativity around the security label imposed by the SEC.
- SOL could rise 20% to the $100 psychological level before the close of 2023 if Bitcoin price builds support above $44,200.
- The bullish thesis will be invalidated if the purported Ethereum killer records a weekly candlestick close below the $51.63 support.
Solana (SOL) price has been on a tear, standing among the biggest gainers among the crypto top ten. This is despite regulatory FUD, when the US Securities and Exchange Commission (SEC) labeled SOL a security during its market-wide clampdown against cryptocurrency exchanges. As reported, the hard pump has seen the purported Ethereum (ETH) killer unseat Ripple (XRP) to be the fifth cryptocurrency by market capitalization.
Also Read: Solana, XRP and Cardano receive $16 million weekly inflows as Bitcoin sees outflows
Solana and altcoins could fly if Bitcoin builds support above $44,200
Solana (SOL) price does not show any signs of stopping, pumping hard to outperform its peers. It comes as the Solana ecosystem continues to present itself as a better hub over Ethereum, despite Solana founder Anatoly Yakovenko binning the narrative that “Solana thrives and somehow Ethereum dies.”
Meanwhile, while new projects and airdrops provide tailwinds for Solana price, one analyst @ShadyTheWizard explains that Bitcoin price showing strength is critical to Solana and altcoins rallying. In his opinion, “As long as BTC can build support above 44.2k, everything will continue to fly.”
SOL/USDT 1-week chart, BTC/USDT 1-day chart
Solana price outlook as SOL looks unstoppable
Solana price continues with a bold uptrend, recording pronounced higher highs for the past three months. Judging from the Relative Strength Index (RSI), the bulls are still interested, evidenced by its inclination to the north despite SOL being massively overbought.
The Moving Average Convergence Divergence (MACD) is also in the positive territory to show the bulls are in the lead, accentuated by its inclination to the north to show this was the direction with the least resistance.
Increased buying pressure above current levels could see Solana price extend to tag the $92.76 resistance level. Further north, SOL could extend a neck higher to tag the $100.00 psychological level. Such a move would constitute a 20% climb above current levels.
In a highly bullish case, Solana price could foray into the weekly supply zone stretching between $104.70 and $136.90. To confirm the continuation of the trend, SOL must record a weekly candlestick close above the midline of this order block at $120.83.
SOL/USDT 1-week chart
On the flipside, a rejection from the immediate barricade at $92.76 could send Solana price south, losing the $67.26 support level. An extended fall could see SOL test the $51.63 buyer congestion level. A weekly candlestick close below this level would invalidate the prevailing bullish thesis.
In the dire case, the Solana price could extend even lower to tag the support floor at $12.80, with such a move constituting an 85% drop below current levels.
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