Solana’s Persistent Rally
Since the beginning of the year, Solana‘s SOL has surged over 500%, making it a 5x gainer and continues to be closely monitored. Technical analysis suggests buyers are preparing for their next move as analysts believe the correction in the altcoin has ended. So, what’s next for SOL? Here are the key levels to watch carefully.
Solana’s Rise Continues Unabated
Solana’s price has increased by more than 10% in the last 24 hours. This impressive performance in a short time continues despite the gradually decreasing peaks in trading volume. If the positive momentum persists, an increase in buying power could lead to a significant price surge for SOL.
- Despite sellers’ efforts, they could not push Solana’s price below $50, and since then, they appear to have lost control of the price.
- Currently, the most critical level on Solana’s price chart is the resistance at $67. Breaking this resistance could pave the way for SOL’s price to approach or even enter the triple-digit territory.
The resurgence in Solana’s price is also evident in the daily Relative Strength Index (RSI), indicating buyers are in control and could potentially push the altcoin towards the next critical resistance level. The slope of the RSI warrants careful monitoring.
Technical Outlook Indicates Short-Term Upside
The technical outlook for SOL clearly signals a bullish trend in the short term. With the correction phase deemed over, Solana is set to challenge the $67 resistance again and aim for new highs.
Current data shows SOL trading at $61.15, up 0.46% in the last 24 hours at the time of writing. This latest increase brings the altcoin’s weekly gains to over 11%.
- Solana’s SOL continues its impressive rally.
- Key resistance at $67 could lead to higher prices.
- Technical indicators signal potential for new highs.
