The crypto industry has experienced a massive upswing as the market leader, Bitcoin, has successfully breached the target price of the $40,000 mark. With this the top altcoins have displayed significant gains in their value, highlighting a strong bullish sentiment in the crypto space.
Following the price jump in October, the SOL price traded in a closed space between $38.77 and $42.25 for a brief period. Solana price then gained momentum and broke out of the range.
The SOL token jumped approximately 50%, after which the price faced rejection at $62.81. After this, Solana price recorded a correction in value, but the bulls held the price strong above the support level of $51.32, resulting in a bounce back.
Solana faced rejection at $65.90, following which the bulls lost momentum and the price dropped. The price then traded sideways between the range of $54.01 and $59.73 for over a week.
The price then broke the resistance level of $60 but hovered close to its support/resistance for a while. Recently, the bulls gained momentum and the price experienced a jump of 3%, resulting in the price trading close to its resistance level at $65.
The Relative Strength (RSI) continues to trade above the mid-point for a week, indicating a positive price action for the coin. Further, the averages head toward the overbought range, suggesting the price will continue gaining value in the coming days.
Will SOL Price Hit $70 Soon?
If the bulls hold the price above the key resistance level of $65, the SOL price will continue to gain value and prepare to test its upper resistance level of $70.
Maintaining the price at that level will set the stage for Solana to attempt to test its upper level of $75 in the coming week.
Conversely, if a trend reversal occurs, the Solana price will lose momentum and fall to test its support level of $60 this week. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $54.01 this month.
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