Solana Price Surges Over 50%! Will SOL Price Hit $60 Soon?
The post Solana Price Surges Over 50%! Will SOL Price Hit $60 Soon? appeared first on Coinpedia Fintech News
The crypto industry has displayed a strong bullish sentiment as the market has recorded significant jumps in value recently. Further, Bitcoin has surpassed the $37,000 mark, escalating the possibility of the $40,000 target to be achieved by the year-end.
On the other hand, SOL price has outperformed major cryptos by recording a gain of over 50% in its value within this month and a gain of 450% YTD. Today, during the early trading hours, Solana crossed the $50 mark for the first time since 22nd May 2022.
The SOL price struggled to break out of its resistance level of $24.25 for a brief period, but following the market surge in October, the Solana token gained significant movement in its price.
TradingView: LUNA/USDT
The price broke out of the resistance level at 28.16 and continued to gain but was seen hovering close to its upper resistance level of 33.29 for a while. Solana broke out and continued to pump before the price was rejected at $46.83.
Following this, the price lost momentum and retested its support level at $38.77. November started on a bullish note as the price has added over 51% in its value within the first ten trading days of the month.
Recently, the price was rejected at 57.84, after which the coin experienced a minor correction.
The MACD displays a rising green histogram, indicating a massive ongoing price action for the coin. Further, the averages show a constant rise, suggesting the price to continue gaining value in the coming days.
Will SOL Price Recover?
If the bulls continue to hold the price above $54.01, it will gain momentum and test its resistance level of $57.84 soon. Further, if the market pushes the price above the upper level of $60.06, it will set the stage for the price to make a run to test its upper resistance level of $65.08 in the coming days.
Conversely, if the bears overpowered the bulls, and the coin fails to hold its price above $54.01, it will lose momentum and fall to test its support level of $46.83 soon.
Moreover, if the bears continue to dominate the market, Solana will experience a price plunge and drop to test its crucial resistance at $38.77 this month.
Filed under: Bitcoin - @ November 11, 2023 7:02 am