Solana, a layer 1 blockchain often seen as Ethereum’s main competitor, is making a significant comeback, aiming for the $100 mark.
Showing a Robust Recovery After a period of consolidation starting in May 2022 and lasting until mid-October 2023, Solana has defied skeptics and, except for a couple of minor declines, has been on a consistent upward trend since.
The initial breakout surged $SOL from a modest $20 to a peak of $68 within two months. Another jump followed, propelling $SOL to $78, which has recently been surpassed, reaching a new high of $78.50 at the time of this update. Observing the short-term hourly pattern, $SOL appears within a rising channel. While some resistance might arise as the price nears the top again, a potential breakout could signal a highly optimistic trend.
Reviewing the medium-term daily timeframe reveals a prolonged accumulation period for $SOL, spanning about a year. The notable breakthrough on November 1 triggered the ongoing robust surge in $SOL’s value.
Examining the long-term weekly timeframe highlights $SOL encountering substantial resistance. A breakthrough at this level could signal the next phase of $SOL’s price ascent. Further resistance levels to watch are at $94, $114, $136, $148, and $173, with the all-time high resting at $260.