The Solana (SOL) price reclaimed the $13 area and began an upward movement. Despite the relief rally, the long-term trend still looks bearish.
The Solana blockchain was created by Anatoly Yakovenko. It uses the proof-of-stake (POS) consensus mechanism and provides decentralized finance solutions. The SOL price had fallen since Nov. 10, when the $17.50 resistance area rejected it. The rejection led to a low of $10.94 on Nov. 22. This caused a breakdown from the $13 horizontal support area.
However, the Solana price bounced afterward and reclaimed the $13 area, which will now provide support.
The reclaim was preceded by bullish divergence in the daily RSI (green line). As a result, the trend can be considered bullish as long as the trend line is still intact, and the SOL price is trading above the $13 area.
If an upward movement begins, the closest resistance would be at $17.50.
Will SOL Continue Relief Rally?
The technical…
