coinquora.com
Solana’s (SOL) price has remained pretty consolidated while many of the other assets in the crypto space have undergone large price moves since the beginning of the week. This is not to say that SOL hasn’t attempted a move, as multiple attempts were made beyond the $45. However, these attempts resulted in a significant drop.
These drops may have fueled the recent rejection from $47.36 levels. The price of SOL does, however, still appear to be pretty bullish and may range high toward $60 if it remains strong above certain levels.
At the moment, the price of SOL is trading below the key resistance level at $59 for a pretty long time. Therefore, extreme bullish pressure may result in SOL’s price breaking out of its current consolidation to above $60, but bears that have been applying the pressure in this bear cycle may eventually jump back in and slash the price back to its current levels.
Nullifying the bearish impact, the Solana price appears to be primed to rise beyond $60 initially and later test $80.
At the time of writing, SOL’s price is up by 6.70% over the past 24 hours and is still climbing as it’s up 2.21% within the last hour according to CoinMarketCap. This has taken SOL’s price up to 15.45%, which is also a weekly gain of 15.50%.
SOL’s 24-hour trading volume has dipped slightly, as the daily volume now sits at $1,721,052,408 – a 19.16% drop over the time period.
Disclaimer:The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies