The layer 1 blockchain that looks to be the biggest rival to ethereum has resumed its bullish rise. Next stop: $100?
A strong recovery
After a bottom and sideways accumulation that lasted through May 2022 and into mid-October of 2023, Solana has denied the doubters and barring a couple of pullbacks, has been on an upward trajectory ever since.
The first major breakout took $SOL from a lowly $20 to a local high of $68 in a period of only two months. The next surge carried $SOL to $78, and this has recently been surpassed after an 18% pullback, to put $SOL at a new local high of $78.50 at time of going to press.
A micro breakout?
Source: Trading View
Looking at the very short term hourly time frame, $SOL is in a rising channel. Some resistance could happen as the price rises to the top again, but a breakout could also happen, which would be extremely bullish.
A year long accumulation
Source: Trading View
On the medium term time frame of the daily it can be seen just how long $SOL was being accumulated (around 1 year). The definitive breakout on 1 November led to the strong surge that $SOL is still experiencing.
Strong resistance reached
Source: Trading View
On the long term weekly time frame it should be noted that $SOL has come up against a strong resistance level. A break here could lead to the next stage of $SOL’s price growth. Other higher resistance levels can be found at $94, $114, $136, $148, and $173. The all-time-high is at $260.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
