Briefly –
- SOL has its price surging around 60% over the past 24 hours.
- The alt attained a new record high at $69
- RSI is highly overbought
Will SOL Break $70
SOL has seen impressive price moves this week as bulls pushed the crypto up by almost 80%. Such movements might not surprise crypto enthusiasts as SOL remained without wild fluctuations before the May market fall.
Keep in mind that Ethereum and Bitcoin rose by almost 50% from their lows over the past fourteen days. With that, most alternative cryptos, including SOL, surged. Meanwhile, the market has never seen such actions over the past two months. That is why investors view the current conditions as catalysts to take large-cap currencies towards breaking their ATHs.
SOL traded in an uphill consolidation between its previous trend line and the 50 MA over the past few weeks. That created an ascending price channel that sent the asset’s value to $44 from $26. The crypto went parabolic after breaking the $44 level.
Solana managed to overpower the upper trend-line resistance before blowing its entire previous resistances. That way, SOL has chances to retest the black trend-line. The digital asset would jump higher after validating the line as its support.
Meanwhile, SOL needs to overcome its previous highs ($58) for such a move.
4-Hour Chart
For now, it remains challenging to tell where SOL will head next following the meteoric rise over the past 24 hours. Meanwhile, the coin is in a crucial resistance between $65 and $69. Bulls need to overpower the level and use it as the coin’s support to confirm new highs. With such developments, SOL will have a clear path towards $70.
If bulls fail to overpower the level, SOL might fall towards the minor support near $58. A retest will undeniably happen at this level since it is the SOL’s previous ATH.
However, the RSI depicts bearishness as SOL appears to lose strength. The indicator remains in an overbought region.
Intraday Analysis
- Spot rate – $64.00
- Trend – bullish
- Volatility – high
- Support level – $58.31
- Resistance level – $64.86
