Market traction is growing behind Solana (SOL), as months of stagnant price action have given way to an impressive +15% SOL price increase. At the time of writing, SOL is currently trading at $21.54, with a 24-hour change of -1.33%. Breaking away from strong consolidatory footing, SOL appears to be striking out on the upside after a month of downside price movement.
Now on its 12th day of continuous rally structure, SOL has gained +14.61% in recent weeks, after bouncing off the MA200, which provided support to almost two months of bottomed-out price action. A +6% candle on May 27 broke the deadlock, as SOL surged above a long-standing ceiling of local resistance from the MA20, setting the stage for its current bullish bearing.
While optimism surrounds Solana’s strong technical form and its ability to propel prices higher, the oversold signal from the RSI, and ongoing resistance from the upside trendline, provide some cause for concern. This leaves SOL facing an upside target at the high price level of around $27.00 (a potential +25.41% move).
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Source: Cryptonews
