Solana (SOL) Surges to $125 and Targets a 50% Increase in the Upcoming Month - What's Driving the Rally?

Solana (SOL) Surges to $125 and Targets a 50% Increase in the Upcoming Month – What’s Driving the Rally?

The Crypto Market Overview

The crypto industry continues to trade under a strong bullish influence with the market leader, Bitcoin successfully achieving the $62,000 mark. Following the market pump, top altcoins have added significant value to their respective portfolios.

Solana (SOL) Price Movement

On the other hand, the Solana price has successfully reclaimed its $125 mark by adding approximately 15% within the past 24 hours. Further, the altcoin has added 20.11% over the past seven days, indicating a strong bullish influence for the token in the crypto space.

SOL Price On The Verge Of Achieving 22-Month High!

The Solana coin price traded in a closed range between $93.41 and $100 for about a week, after which the market gained momentum, resulting in the altcoin breaking out of the resistance level. Following this, the price recorded a jump of approximately 17% in valuation before facing rejection at $110.65.

The Solana price then experienced a minor correction of 5.85%, after which the bulls regained momentum and recorded a jump of 12.54%. Following this, the SOL token displayed a neutral trend by trading between $107.26 and $117.31 for a brief period.

As the market volatility grew, the bulls lost momentum, broke down their support level, and traded sideways for the next five days. Recently, the bulls recorded a jump of 11.5%, following which the price recorded a minor pullback.

After testing its low of $107.26, the bulls regained momentum, recorded a jump of 14%, and are on the verge of testing its resistance level of $125, the outcome of which is unpredictable.

Technical Analysis

The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating a strong bullish influence in the crypto industry. Further, the averages show a significant rise in the chart, suggesting a positive price action for the altcoin in the coming days.

Will Solana Go Up?

If the market pushes the SOL price above the resistance level of $125, the bulls will continue to gain momentum and prepare to test its upper resistance level of $130 by the weekend. Maintaining the price at that level will set the stage for Solana to attempt to test its upper level of $135.

Conversely, if a trend reversal occurs, the Solana coin will lose momentum and fall to test its support level of $117.31. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $107.26.

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