Since the beginning of the year, Solana’s (SOL) value has shown an increase of over 500%, continuing to attract the attention of investors. Technical analyses suggest that buyers are preparing for their next moves and believe that the correction phase in the altcoin has ended. So, what is expected for SOL in the upcoming period? The important levels to watch are as follows.
Solana’s price has increased by more than 10% in the last 24 hours. This impressive performance continues despite a decrease in peak trading volumes. If the positive momentum continues, the increase in buying power could lead to a significant rise in SOL’s price.
Despite sellers’ efforts to pull down the price of Solana below $50, they seem to have lost control over the price after this level. Currently, the most critical level on the Solana price chart is the $67 resistance point. Breaking through this resistance could pave the way for SOL’s price to reach triple digits.
The resurgence in Solana’s price is also evident in the Daily Relative Strength Index (RSI) data, indicating that buyers are in control and could push the altcoin towards the next critical resistance level. The slope of the RSI should be carefully monitored.
SOL’s technical outlook signals a bullish trend in the short term. Assuming that the correction phase has ended, Solana is expected to retest the $67 resistance and reach new highs. According to the latest data, SOL is trading at $61.15, up 0.46% in the last 24 hours as of the writing of this article. This recent increase has pushed the altcoin’s weekly gain to over 11%.