The post Solana (SOL) Price Reaches New Yearly High appeared on BitcoinEthereumNews.com.

The Solana (SOL) price increased rapidly in October and reached a new yearly high of $32.81 today. The price of Solana also broke out from a horizontal resistance at $28, while the Relative Strength Index (RSI) reached its highest value since November 2021. Solana Retraces Entire FTX Decrease In November 2022, the SOL price fell from a high of $31.72 to a low of $12.34 in two days. The decrease occurred as a result of the FTX exchange going bankrupt. Today, cryptocurrency trader Joe McCann noted that the SOL price has retraced the entire drop. This comes on the heels of trading volume hitting $1.7 billion, the highest value in more than three months. Finally, the Total Value Locked (TVL) for the Solana blockchain is at $367 million, which is a new yearly high. This is still only 3% of the all-time high of 10 billion from November 2021. What Are the Analysts Saying? Cryptocurrency traders on X are predominantly bullish since the price has broken out from its main resistance area.  Pentosh1 believes that SOL will head towards at least $37 as soon as it breaks out above the midrange of $32. SOL/USDT Daily Chart. Source: X SatoshiWolf has a similar target, but due to the numerous resistances at $37, he believes that the area represents an ideal spot to take profits. Solana Price Prediction: How Long Will Increase Continue? The weekly time frame chart for SOL is decisively bullish. It shows that the price has finally closed above the $28 horizontal resistance area. This is the highest close since before the FTX crash (red icon). The close led to the Solana price yearly high of $32.81. Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits Also, the weekly Relative Strength Index (RSI) supports the continuing…

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Filed under: News - @ October 25, 2023 5:16 pm