Solana (SOL) saw its impressive ascent to remarkable price highs halted following a correction that saw the token decline from $77.75 to a value below the $70 mark.
The drop in SOL’s price was attributed to Bitcoin’s seemingly poor form that accompanied the number one largest crypto transient rally.
Nevertheless, Solana’s (SOL) current price action is hinting at a potential resurgence. Notedly, SOL could spike by about 20% if conditions remain favorable.
Solana (SOL) Price Actions And Implications
The rally was said to have set in above the $65 support level. Meanwhile, a low was formed around the $63.78 price level.
Intriguingly, there have been attempts for new increments with price movements above the resistance levels at $68 and $70.
In addition, Solana’s price rose by approximately 10%, registering movements above the 50% Fibonacci retracement level of the downward trend from maximum and minimum prices of $77.2 and $63.78, respectively.
Based on current market standings, SOL is selling above $60 and the 100 simple moving average (4 hours). Also, a bullish trendline forming with support near $65.50 on the 4-hour chart of the SOL/USD pair was discovered.
On the elevated scale, immediate resistance appears to be within the $72.40 price mark, and the first significant resistance level is near the $75 price mark.
The primary resistance is close to the $77.75 price mark; closing above it could orchestrate another significant SOL rally. The next target that could pose a notable resistance $80 price mark; breaking above it can increase SOL’s value to about $85.
Solana (SOL) Current Market Statistics
Solana (SOL) price at the time of drafting this report is $76.12, implying a 7.2% increment in the past 24 hours. The token is currently the sixth-largest crypto project with a market cap of $32,337,724,023, a cap dominance of 1.895%, and a trading volume of about $2,474,453,084.
The digital asset recorded an increase of about 11.9% and 33.7% in the past seven days and the last month, respectively. The maximum and minimum prices in the previous week were 77.32 and $64.81, respectively.
Meanwhile, in one of our previous reports, Bluntz, a crypto market watcher who accurately called Bitcoin 2018 low, noted that a massive SOL surge is imminent. He added that the coin would spike by 40%. It is left to see how events unfold.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
