Solana price is at the cusp of starting the long-awaited Christmas rally.
SOL could be seen jumping 37%, making it its best performance for the year.
The man handing out this Christmas present to the cryptocurrencies will be Fed chair Jerome Powell.
Solana (SOL) price is set to stage one of its best performances for the year, and that could also be for the trading day or throughout several trading days in a row. All stars look to be aligned for a massive rally that could get lit by Fed Chair Powell who is due to speak this evening a few hours before the US closing bell. Expect his speech to be the catalyst to bring the Christmas spirit and see markets rally in these last few trading days of the year.
Solana price shows massive signs of recovery from a purely technical point of view. Looking at the preferred measure of sentiment – the Relative Strength Index (RSI) – it becomes clear that the upside is the only way. Finally, with December just around the corner, SOL can trade away from the oversold area. With the uptick seen on Tuesday and early Wednesday, a rally looks granted and would see no real resistance along the way.
SOL is thus primed for a jump toward the first $15.07, which is the cap level for most of November. Once that is broken to the upside, the longer-term red descending trend line will be broken again. From there, a lot of area opens up toward $18.66, which would bear a whopping 37% gain for SOL traders.
SOL/USD daily chart
A firm rejection on the topside could be looming as some upside is granted. That $15.07 barrier has been holding its resistance quite firm throughout November and could easily be doing it again. Certainly, should the speech from Powell bear a hawkish undertone by saying that inflation is sixty and will remain throughout 2023, that would be a massive reconfiguration of the current view of the markets on things. Expect, on the back of that, for SOL to quickly nosedive lower toward $10 and flirt with a break below that psychological level toward $7.26.