Solana Surges Past $65, Eyes 15% Upswing
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After a notable price jump in October, Solana (SOL) traded within a confined range of $38.77 to $42.25 briefly. Subsequently, SOL gained momentum, breaking out of this range. The token saw a remarkable 50% surge but faced rejection at $62.81, leading to a correction. However, strong support at $51.32 prevented a significant downturn, resulting in a resilient rebound.
SOL Faces Crucial $65 Resistance, Potential Upside Momentum
Despite facing resistance at $65.90, SOL traded sideways between $54.01 and $59.73 for over a week. Recently, a 3% price jump brought it close to the $65 resistance level. The Relative Strength Index (RSI) has remained above the midpoint for a week, indicating positive price action. Moving averages approaching the overbought range suggest continued value appreciation in the days ahead.
Sustaining the price above the crucial $65 resistance level could propel SOL to further gains, aiming to test the upper resistance at $70. A successful hold at this level could set the stage for a potential test of the $75 upper limit in the coming week.
On the flip side, a potential trend reversal could lead to a loss of momentum, with SOL retesting the $60 support level this week. If bearish dominance persists, a further decline may prompt a test of the lower support level at $54.01 this month.