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This presents major hurdle for Solana, on its way to $300
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ambcrypto.comFollowing a rebound from the lower trendline of a descending channel, Solana projected its next pit-stop around the $290-mark. A convincing close above the daily 20-SMA (red) would provide confirmation of the favorable outlook and an extension towards the 461.8% Fibonacci level.
Should SOL falter at the mid-line of its pattern, the 300% Fibonacci level would take center stage once again. At the time of writing, SOL traded at $214.7, up by 5% over the last 24 hours.
Source: SOL/USD, TradingView
Two higher highs at $153 and $260 combined with three higher lows at $115, $137 and $188 outlined an up-channel on Solana’s daily chart. Presently, stabilization was in effect after a breakdown was averted on 19 November once SOL tested the bottom
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