How many dollars can Solana (SOL) and Terra (LUNA) see in the short term, what are the critical levels?
The re-gaining of Bitcoin (BTC) psychological support also pushed up Solana (SOL) and Terra (LUNA) prices. Terra (LUNA), which found buyers at $45 at the time of writing, is preparing to close the day with 7.5% rise. Solana (SOL) rose above $200 again. So, what are Solana (SOL) and Terra (LUNA) price targets, will the rise continue?
Solana jumped sharply from around $22 to $215 in August and early September, meaning an almost 1,000% appreciation. The price declined in the second half of September, but SMA50 continued to hold the price by acting as support.
The resulting triangle increased the probability of bullishness as the trading range narrowed. This breakout occurred last week and Solana (SOL) made a new high near $220. Earlier this week, Solana (SOL) price pulled all the way into the SMA20 region as Bitcoin plunged below $60,000. Thanks to the strong support from buyers, the price continues its upward movement.
The $193 level is very important for Solana (SOL) and holding above $200 could enable $220,235 and $250 targets, respectively.
LUNA also had a great uptrend in August. However, this movement is not yet complete, burning 10% of the total supply makes the price rise rapidly with increasing demand.
The SMA50 line will continue to push the Terra (LUNA) price higher. As we can see from the chart above, the March high of $22 turns into support for Terra LUNA, while SMA50 holds the price on pullbacks. The price has bounced back above the moving average this week, so LUNA/USD will likely set a new high soon and eventually break the $50 level.