Despite the challenges that the crypto market has faced since the beginning of the year, Solana price has continued its dream. The altcoin is not only approaching a new year-to-date high but also a 19-month high.
Solana Price Bullish Green
As of writing, Solana price is trading at $69, up more than 6.5% in the past 24 hours. The cryptocurrency is inching closer to breaking through the $70 mark, testing the $71 resistance level. Breaking this barrier will be crucial for SOL to secure the recent gains, while also marking the cryptocurrency’s highest price point since May 2022.
In fact, SOL is the only major altcoin or cryptocurrency that has come close to marking a rally as significant so far this year. Up 600%, SOL holders have witnessed staggering profits, and profits will likely continue to increase once Solana price breaks above $71.
Price indicators – the relative strength index (RSI) and the moving average convergence divergence (MACD) – are currently showing bullish signs. This supports the bullish scenario of Solana’s price breaking above $70.
However, if the violation fails, SOL will most likely fall back to $66. A sideways move will give it a chance to reignite the rally but a break below this support line will invalidate the bullish thesis, resulting in a plunge to $64 or $61.
