Solana Spikes Despite Fluctuating Inside a Bear Flag, Will It Hit $80? 

Bits Logics Team . 10th Nov 2023
news-box-alt
  • SOL gained 29% value within the last seven days and ranks in CoinMarketCap’s Trending list.
  • Solana reached its maximum weekly highest price of $51.6 today.
  • The bear flag magically produces SOL with a spike, that could help it reach $80.

With an impressive 29% value gained within the last seven days, Solana is back on the trending list of CoinMarketCap. SOL was trading at $39.6 when the markets opened for trading this week. Thereafter, the token consolidated for almost five days between $40-$42. SOL started to slowly take off on the sixth day. 

SOL/USD 1-Week Chart (Source: CoinMarketCap)

It rose from almost $43 to $49 in a matter of few hours. Following this spike, SOL started to crash and reached below $44 before spiking again. On the seventh day, SOL increased and reached above $51. The maximum price that SOL reached during the last week was $51.6. Currently, SOL is trading at 51.28 after gaining 7.36% within the last 24 hours. 

SOL/USDT 1-Day Chart (Source: Tradingview

From the beginning of 2023, SOL has been trading inside a bear flag. However, currently, SOL has broken out of the flag in the upward direction, as least expected from a bear flag. If traders keep stacking buying orders, there is a great chance that SOL could move higher and reach the resistance level at $79. However, there is one obstacle that could hinder this movement. 

In particular, SOL has touched the upper Bollinger band, hence, there is a possibility that the market could correct the prices and SOL could crash and look for support levels. In the event that SOL crashes, it could test the $30 support level. And, if $30 is unable to hold SOL’s fall, it could further reach out to $20 and thereafter $13. As such, traders may need to take precautions at the moment, as SOL could move in any direction.

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by Bits Logics are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.