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.
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.
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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- Source: https://coinpedia.org/price-analysis/solana-sol-price-reclaims-125-eyes-50-in-the-coming-month/
