The Solana price has recorded a jump of over 13% within the past 24 hours, making it one of the top gainers of the day in the crypto industry. Further, the SOL token is currently trading at a 20-month high as it is on the verge of achieving its year target of $85.
Moreover, Solana successfully overtakes Ripple’s XRP token, indicating a strong on-chain sentiment for this token.
The SOL coin price constantly traded in a consolidated range between $54.01 and $59.73 for over a week, after which the bulls gained power and the price broke out of the resistance level. The rally was short-lived as the price faced rejection at $65.90, following which the Solana traded in a closed range for a while.
After multiple attempts, the market regained momentum and the bulls jumped over 20% before facing rejection at $79.65. Following this the price started trading under a bearish influence and displayed a correction of approximately 22% in value.
The bulls held the price high above the support level of $62.81, resulting in a bounce back in the price. The Solana coin price faced another rejection at $79.65 after which it experienced a correction of 15%.
Recently, the bulls regained momentum and displayed a jump of 10% after which the price hovered around the support/resistance level of $75 for a while. Further, the SOL coin price has jumped 13% within the past day, resulting in the token recording a new yearly high in its price.
The Moving Average Convergence Divergence (MACD) displays a constant rise in the histogram, indicating an increasing buying-over-selling pressure in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming time.
If the bulls push the price above the key resistance level of $85, the SOL price will continue gaining value and test its upper resistance level of $90 in the coming days. Maintaining the price at that level will set the stage for the Solana token to attempt to test its upper limit of $100 by the month-end.
Conversely, if a trend reversal occurs, the Solana token will lose momentum and fall to test its support level of $75 in the coming days. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $70 this month.
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