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Solana showed significant growth during the week. The coin gained a bullish momentum after it consolidated above $ 50, outperforming the market leader BTC $63,426.41 Bitcoin -0.39% Market capitalization $1.27 trillion VOL. 24 hours $0.9 billion and the leading altcoin ETH $1,890.93 Ethereum 1.20% Market capitalization $228.2 billion VOL. 24 hours $0.37 billion .
Cryptocurrency experts hint: «The bulls are not done yet.» Thus, the recent movement of the virtual coin has raised the price of SOL above $ 65. The maximum was formed at $ 67.21, and now the price is consolidating its gains.
Market analysts note that the immediate resistance is at $ 67.20. The first major resistance will be at $ 68. A successful close above the $ 65 resistance could give SOL a boost for further growth. The next key resistance is at $ 70. Any further growth could raise the price of the crypto asset to $ 75.00.
Nevertheless, if SOL fails to recover above the $ 68 resistance, a downward correction will occur. The initial support on the downtrend is at $ 62.50.
The first major support is at $ 57.75, followed by $ 51.23. If it closes below the support level of $ 55.00, the price could drop to $ 50 in the short term.
Technical indicators:
- 4-hour RSI (Relative Strength Index) — RSI for SOL/USD is above the 50 level.
- The main support levels are $ 62.50 and $ 57.75.
- The main resistance levels are $ 68.00, $ 70.00, and $ 75.00.
At the time of writing, Anatoly Yakovenko’s blockchain cryptocurrency is trading at $ 67.09, a 13.8% gain over the day. The total number of coins circulating on the market has reached $ 28.3 billion, and traders have made daily trading deals worth $ 4.1 billion.