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Solana (SOL) continued its strong upward trend with a 13% rebound from the $68 support level over the past 24 hours. Earlier, SOL had suffered a 15% dip over the past weekend, as bears attempted to stifle the bullish momentum.
The swift price recovery showed the strength of buyers in the short term with another bullish attempt at the $80 resistance likely in the coming days.
Solana bulls dominate short-term price chart
The four-hour price chart revealed the bullish dominance on Solana. In early November, buyers started a sustained bullish rally from the $51 support level. However, the $68 resistance level was a major roadblock, limiting the bullish momentum and producing a double bottom on 21 November.
The revival of the crypto market in late November to early December led by Bitcoin (BTC) going on a remarkable run from $36.7k to $44.4k within a week gave altcoins such as Solana a significant advantage.
Bulls maximized this opportunity by flipping the $68 resistance to support on 8 December with price making a series of higher lows on the four-hour timeframe.
Zooming out to the daily timeframe showed good long-term potential for SOL to reach $100, once buyers conquer the $80 resistance.
In the short term, traders can look to enter at the current market price of $75 with a near-term profit target of $80 for single-digit returns. Double-digit returns will be possible if SOL successfully flips the $80 level.
Meanwhile, the Relative Strength Index (RSI) which measures the strength of a trend was positively in favor of bulls with a reading of 57, as of the time of writing.
More long positions in futures market
Speculators in the futures market remained bullish, as shown by the 10% jump in Open Interest (OI) in the past 24 hours. A rise in Open Interest along with price and volume shows strong market conviction in the current trend direction.
Along with positive funding rates, buyers are poised to ride the bullish wave but must be wary of the $80 hurdle.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your own due diligence before making any trading or investment decision.