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- SOL Price has surged nearly 60% in the last 24 hours
- A new ATH was just set at $69
- RSI is extremely overbought
Can SOL Price Break $70?
SOL price has had an amazing week as bulls have pushed price nearly 80%. This price movement comes as not much of a surprise as Solana (SOL) was one of the strongest coins before the market started falling in May. Over the last two weeks BTC & ETH surged nearly 50% off lows and since then many alt coins including SOL price have went berserk. This type of price movement has not been seen in over 2 months & the fact that it is now occurring is settling for investors as it may indicate large cap coins are next to break ATHs.
Throughout the last few weeks, SOL was stuck in an upwards consolidation between the 50MA & the previous trend line shown. This formed a slight ascending channel that brought price from $26 to $44. Once the major level of $44 was fully broken, SOL went parabolic. It managed to clear its top trend line resistance & blow through all the previous resistances. With this being said, SOL may have to retest the trend line shown in black. This would confirm it as support & would allow SOL to pump much higher.
Before this can occur, SOL price would have to break its previous high (now support) of $58.
SOL Price Analysis: SOL/USDT 4 Hour Chart
After such a strong parabolic rise the last day, it is tricky to predict the next move. Knowing that price stopped within the major resistance zone of $65-$69, bulls would have to barrel through this mark & hold it as support for a new high to be set. If this does occur, SOL would then be in uncharted territory and could very likely hit high $70s. If bulls fail to break this zone, we can expect SOL to fall to its minor support of $58. This is the previous ATH for SOL & it would be completely normal for a retest to occur.
- While looking at the Stochastic RSI, we can see how strength just rejected off the overbought region. This is a bearish sign that SOL is losing strength & price may follow. At the time of writing, strength is breaking a near 4 day trend that has held it up the entire 50% push to $69.
- The regular RSI has been in the overbought territory for nearly 2 days & has started falling to the 70 value. Once strength breaks below the dotted line (70 value), expect SOL to fall to the given support levels.
SOL Intraday Analysis
- Spot rate: $64.00
- Trend: Bullish
- Volatility: High
- Support: $58.31
- Resistance: $64.86
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