Is It Too Late to Buy Solana? SOL Price Climbs 17% as Interest in New Crypto Casino Grows – What Does it Do?
Solana (SOL) has climbed an impressive +17% overnight in a strong bounce off 20DMA support, but with SOL trading high - is it too late to buy Solana?
This comes as the Solana Hyperdrive Hackathon draws to an end in a huge move for Solana ecosystem growth, which has seen 907 new projects formed.
With the huge surge in development activity, the Solana network now appears super-charged for the year ahead - and price action is reflecting this sentiment.
Amid the upside move, Solana is currently trading at a market price of $26.85 (representing a 24-hour change of +7.56%).
Solana's impressive daily gains come as price finds feet at the 20DMA in a shift to support that has opened the ceiling to upside potential.
This comes following the emergence of a 'golden cross' pattern on October 7 as the 20DMA broke-above the 200DMA.
Yet, now price is facing significant risk - as it struggles to crack the $27 price level - which has triggered rejection twice already this year (in February and July).
And the warning signs aren't just found in price levels, with the RSI now overheated to a substantial oversold signal at 74 - suggesting downside could be imminent.
This view is contrasted by the MACD however, which is showcasing bullish divergence at 0.314.
Overall, Solana looks defiant but vulnerable here - with current price levels bolstered by increasingly bullish sentiment around leading cryptocurrency Bitcoin.
To the upside, SOL has a topside target around upper trendline resistance at $30 (a potential +11.80%).
While downside risk could see SOL fall back to 20DMA support at $23.20 (a possible -13.54%).
This gives Solana a risk: reward composition of 0.87 - a bad entry characterised by limited upside potential.
In other news, an emerging Telegram
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