Solana’s rally might be running out of fuel. After a stunning climb from $55 to near $91, the red-hot crypto is facing technical hurdles that could trigger a 40% nosedive by January. Is this just a temporary turbulence patch, or a warning sign of a bigger storm?
While Solana continues its upward trend, the Relative Strength Index (RSI) on its three-day chart shows signs of weakening. As its price hits new highs, the RSI has dipped from $99 to about $91.30, indicating a potential bearish turn.
Adding to the concern, the three-day trading volumes for SOL have decreased even as its price has risen. This suggests that the current bullish trend might be losing steam, hinting at a possible market shift.
Key Price Levels to Watch
The recent stable trading around $91 corresponds with the 0.236 Fibonacci retracement level from Q1 2022. If the current divergence patterns continue, Solana could face a notable correction, possibly dropping to around $62 by January 2024.
Also Read: Top Crypto Performers of 2023 REVEALED (It’s Not What You Think!)
In an unexpected move, BitMEX founder Arthur Hayes has shifted his investment focus from Solana to Ethereum. Hayes cited a unique “message” he received during meditation as his reason for moving away from Solana and increasing his Ethereum holdings. He even referred to Ethereum’s co-founder, Vitalik Buterin, as “Archangel Vitalik.”
Following this spiritual insight, Hayes sold his Solana assets and made a bold prediction, foreseeing Ethereum’s price potentially reaching $5,000.
The timing of Hayes’s strategic move adds a layer of intrigue to the ongoing narrative, aligning with Solana’s remarkable surge in the market. SOL has recently climbed toward the $100 milestone, surpassing XRP and securing the 4th spot in the cryptocurrency rankings.
Read More: Solana Flips XRP And Records A 20-Month High! SOL Price To Achieve $100 This Week?
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