As Bitcoin‘s price returns to the $43,000 mark, altcoins are resuming their rallies, with some experiencing double-digit growth on December 19. Notably, cryptocurrencies that previously faced resistance are now breaking through these barriers, leading to speculation about the potential for further gains.
Since the beginning of 2023, SOL Coin’s price has been increasing within a rising parallel channel, with its resistance and support levels being tested multiple times. At the time of the report, SOL Coin is trading at $75, marking a 7.2% increase for the day.
In November, SOL broke through the channel’s resistance trend line, accelerating the rally. On December 16, SOL Coin’s price surged by 865% to $79.5, indicating a recovery from the FTX collapse, at least in terms of price. Despite the NFT ecosystem remaining in disarray, SOL Coin has managed to recover from the losses caused by the institutional exodus.
The Relative Strength Index (RSI) is above the neutral zone, with Bitcoin maintaining its $43,000 level. The overall market sentiment is positive, and if no surprise high Personal Consumption Expenditures (PCE) data is released on Friday, SOL Coin’s price could reach new highs by the end of the year.
Despite the general optimism, popular crypto analyst CryptoPoseidonn is seeking the right level to open a short position. Another analyst, CryptoBusy, is hesitant to confirm new peaks without seeing convincing closes above the $78 level. According to Elliot Wave analysis, SOL is in the third wave of a five-wave ascent, indicating the potential for significant increases, but a convincing peak for the third wave could lead to a correction towards $55. However, daily chart closures above $73 could extend the third wave’s peak towards $95.