SOL/USD has made sweeping gains since the 31st of October and it is now traversing record highs as speculators try to anticipate the next flurry of action.
As of this writing, SOL/USD is trading near the 228.000 level having made bullish strides early this morning. SOL/USD did hit a high of nearly 233.00 for a little while today, but has come off of these all-time record levels. However, when trading essentially began today SOL/USD was trading near 220.000 before falling to about 216.000 and then exhibited another surge higher which has become common place for speculators of Solana the past couple of months.
On the 31st of October it might be wise to remember SOL/USD was trading at 185.000. And for those not easily impressed by this ‘polite and significant’ gain, SOL/USD was trading near 136.000 on the 12th of October. SOL/USD did reach a record high for a time on the 26th of October, which surpassed highs on the 21st of the month. On the 9th of September SOL/USD was trading near the 212.000 value for a brief moment before traversing lower.
Volatility is a staple of SOL/USD and traders who want to pursue the upwards momentum being displayed cannot be blamed, but they should have their risk management in place. The trend has been remarkably strong since the middle of October, but spikes are a frequent visitor within the trading landscape of SOL/USD and speculators should not expect one-way direction forever. While there is no doubt SOL/USD is correlating to its major counterparts extremely well, this also opens the door to the potential that a whiff of selling fever could set off a stampede downwards too.
However if current support ratios near the 226.000 to 224.000 levels can hold in the short term, traders may believe another leg up which will challenge this mornings highs, and surpass them could then deliver more record values. If support should falter and the 220.00 to 216.000 ratios are challenged below short term it could spark additional selling. Speculators who remain optimistic and believe there is further room to climb may want to see if SOL/USD can consolidate near its current price vicinity. If the 227.000 to 230.000 value ratios prove to be stable amidst the exuberant rise in value which has already been demonstrated, traders may be tempted to wager on values already seen this morning. Short term SOL/USD is certain to remain volatile and speculators who like cryptocurrencies for that reason are sure to experience a dynamic day.
Solana Short-Term Outlook
Current Resistance: 231.500
Current Support: 226.500
High Target: 240.000
Low Target: 213.900
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