The Solana token has witnessed a jump of over 11% in the past 24 hours, making it one of the top gainers of the day. Further, the token has successfully achieved its target price of $70, indicating a massive bullpower in the crypto space.
The Solana price traded in a consolidated range between $38.77 and $42.25 for over a week, following which the market gained momentum and the price surged. The SOL price recorded a jump of approximately 50% in value before facing rejection at $62.81.
The Sol coin price then traded sideways for a while, following which the bulls regained momentum and broke out of the resistance level, but the rally was short-lived as the price faced rejection at $65.90.
The price then traded in a consolidated range between $54.01 and $59.73 for two weeks, following which the bulls regained momentum and successfully broke out of their resistance level.
The SOL token then traded in a closed space between $59.73 and $62.81 for over a week and displayed constant price volatility.
Recently, the price regained momentum and witnessed a jump of over 15% in value. This resulted in a new yearly high of $72.78, following which the price experienced a minor correction.
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an ongoing massive price action. Further, the averages show a sharp rise, suggesting the price to continue gaining value in the coming days.
Will The SOL Price Hit $75 This Week?
If the bulls hold the price strong above the support level of $70, the price will continue to gain momentum and prepare to test its resistance level of $75 in the coming days.
Maintaining the price at that level will set the stage for Solana to attempt to test its upper resistance level of $80 this month.
Conversely, if the bears overpower the bull, the price will lose momentum and fall to test its support level of $65 soon. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $62.83 in the coming week.