• Solana’s price has risen drastically in the past few hours, allowing it to mark new yearly highs at $32.13.
• The price is trying to break the bearish pattern that may push it beyond $50.
• Unfortunately, the collapse of FTX exchange impacted Solana’s price drastically and since then the bears have been restricting it below $25.
Solana’s Price Increase
Solana’s price has risen magnificently in the past few hours, enabling the price to mark new yearly highs at $32.13. With industry giants like BlackRock, Invesco, Fidelity filing for a spot Bitcoin ETF, Solana’s price began to rise from levels around 10-12 and with recent bullish actions propelled the SOL token from levels around $22-$23 where it was stuck for quite some time now.
Breaking Bearish Pattern
The price is trying to break out of a bearish pattern which may lift its value beyond its newly formed high and approach its yearly milestone of $50. Unfortunately, due to the collapse of FTX exchange last year; Solana’s value dropped from a high of $142 in April 2022 all the way down to as low as $8 by December 2022. Nevertheless, with current upswing rallies Solana has been able to handle turbulence but still faces resistance below 25 since 2023 started.
Reaching Crucial Juncture
Presently, Solana has reached a crucial juncture where if it breaks certain levels it can trigger an upswing in its future prices . It needs to clear a key resistance at 3087 which will validate a breakout from bear captivity paving way for further upswings ahead . The token has marched above 2 key levels (major SR trendline & horizontal weekly resistance ) giving bulls a good push towards major resistances .
Testing Key Levels
The SOL token is now testing important levels at 30 and if successful , could certify healthy upswings . A sustained move above this level can confirm bullishness in short term . If so , there is potential for considerable gains within next few weeks .
Overall , with recent movements , Solana looks poised for strong gains ahead if it successfully breaks key resistances and trends higher over coming weeks .