Solana (SOL) Price Analysis: Is there Potential for Further Rise?

Read the latest analysis on Solana (SOL) price movement and discover the potential for further upward momentum. Stay updated with the current trends in the cryptocurrency market.

Posted 7 months ago in Blockchain

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Bulls have turned out to be more powerful than bears on the last day of the week. The rate of Solana (SOL) has gained much today, rising by 13.23% over the last 24 hours. The rate of SOL is in the middle of the recently formed channel after setting a resistance level of $24.25. Sharp growth is unlikely to happen by the end of the day as most of the ATR has been passed. In this case, sideways trading in the area of $22.50-$23.50 is the more likely scenario.

On the daily time frame, the price of Solana (SOL) has broken the resistance level of $22.20. At the moment, one should pay attention to the bar closure. If it happens above that mark, bulls will keep holding the initiative, which might lead to a further upward move to the $25 zone. From the midterm point of view, the situation is becoming more bullish as the rate is on the way to the resistance of $27.12. If the growth continues to the $26 mark, the accumulated energy might be enough for a channel breakout, followed by a blast to the $30 range and above.

SOL is trading at $23.10 at press time.

Last updated 10/1/2023, 9:04:27 AM


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