As Solana Restarts Price Uptrend, Here’s Why SOL Is Poised For Huge Rally

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.

Read Also: Solana (SOL) Sets Sights On Notable Breakthrough: Details

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.

Read Also: SEC Sues Kraken, Calls Cardano (ADA) and Solana (SOL) Securities, XRP Not Included

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.

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