$SOL 🚨Solana poised for further rally🚨
Solana trades around $118 on Friday, following a roughly 2% rebound the previous day. The altcoin holds significantly above the 50-, 100-, and 200-day EMAs at $99.27, $92.22, and $93.93, respectively, underpinning a constructive bullish bias.
From a technical perspective, the price is extending a breakout rally from a bullish flag pattern, marked by the 10% rally on September 18. To further extend the rally, Solana must confirm a bullish breakout of the December 18 low at $116.88, which could open the path toward the January 6 high at $148.74.
Momentum aligns with this stance, as the MACD remains above its signal line in positive territory, with a mildly positive histogram, while the RSI at 66 suggests firm bullish momentum without yet signaling extreme overbought conditions.
On the flip side, crucial support for Solana emerges at the broken trendline near the $100 psychological level, with the 50-day EMA at $99.21 reinforcing it.
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