Solana rallied right along with the rest of the crypto world during the trading session on Monday, breaking above the $120 level initially. Forex cryptocurrency
The 200 day EMA sits right there as well, so that is an area that a lot of people will be paying close attention to. The market breaking above that would be a very bullish sign, but we still have a significant amount of resistance near the 50 day EMA, where we had sold off drastically to get down here. At this point, we have a lot of questions to ask about the market, and as a result it is likely that we will see a lot of volatility.
A short-term pullback could be a nice buying opportunity, especially if we see one of the big coins do the same thing. On the other hand, if we were to turn around and break down below the $80 level, that could send this market much lower, perhaps reaching towards the $50 level. I do not necessarily see that happening, but it is something that we need to keep in the back of our minds. If we break down below there, then it is likely that we could see a complete flush lower and potentially a “crypto winter.” I do not necessarily think that will happen, but it is something that is possible.
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