Left (LEFT), has managed to become one of the most impressive cryptocurrencies in 2021, increasing by more than 8600% in the past year. With many more projects on the Solana Network backed by the excitement of NFT in 2021, especially gaming and NFT projects, analysts are confident that SOL is a token to watch for in 2022.
Currently, the short-term view of SOL price is in the form of a bullish or breakout to areas above $200 with a small possibility of an uptrend.
Solana Bulls Target $201!
Solana priceIt is rallying from the $167 support base to start an uptrend that is likely to continue in the near term. Considering that the price of the “Ethereum Killer” token has bounced four times in the recent past, $167 seems like a strong support area for the SOL.
It is worth noting that Solana’s uptrend has been consistently blocked by the 100 four-hour simple moving average (SMA), resulting in a sideways price action between the $167 support base and the $180 resistance.
To get a clear rise LEFT bulls need to surpass the 50 SMA at $174, the 100 SMA at $180 and the 200 SMA at $181.
If that happens, Solana’s move to the December 27 range above $201 will become a possibility, marking an 18% increase from the current price of around $169.
SOL/USD Four-Hour Chart
The move of the Relative Strength Index (RSI) away from the oversold zone lends confidence to Solana’s bullish outlook.
If things go wrong for Solana and she loses the immediate support at $167, it could invalidate the bullish argument by tagging the support provided by the $160 psychological level. Further declines could see Solana price retest the $157 support base to consider retrying the bullish view or revisiting the 147.93 level.
The MACD’s position below the zero line in the negative zone will confirm this bearish story.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.