Can Solana Sustain Momentum for a New Yearly High?

The crypto industry has displayed a robust bullish week as the top cryptocurrencies have gained a significant value in their price. Further, SOL price has outperformed elite coins by adding over 27% in value within a week.

The Solana price was seen trading in a closed range of $23.0 and $24.25 since the start of October, indicating a disinterest among the investors in the coin. The coin then experienced a dip in value, resulting in the price breaking down its support level.

SOL coin then traded in a consolidated range between $21.17 and $23 for a week. During this period, the price attempted to break down its crucial support zone, but the bulls held the price firm. Following this, the coin gained momentum and broke out of its resistance level at $23 and continued to gain value but was rejected at $24.25.

Further, the price was seen hovering around the trendline for a while. Solana’s price recently made another attempt to breakout of the critical resistance at $24.25 and successfully managed to breakout of it, igniting a bullish moment in the market.

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SOL coin continued to gain momentum and broke out of its upper resistance at $26 soon after, but the price got rejected at $28.49, after which the price traded close to the level. 

Solana price has recently formed a rising channel pattern and is expected to test a breakout soon, of which the outcome is unpredictable.

The MACD displays a constant green histogram in its chart, indicating a massive ongoing price action for the coin. Further, the MACD and signal lines continue the positive trend, suggesting the price to continue gaining value in the coming days.

If the bulls manage to hold power and break out of the resistance level of $28.49, Soalna will regain momentum and run to test its upper resistance level of $30 soon. Further, if the bulls continue to gain momentum, it will continue to rise and test its yearly high of $32.2 in the coming days.

Conversely, if the bears overpowered the bulls and a trend reversal occurs, the price will lose momentum and fall to test its support level at $26. Moreover, if the bears continue to dominate the market, the price will experience another drop and will test its lower support level of $24.25 in the coming days.