The crypto market experienced another price jump following the recent FOMC meeting, where the FED rates were kept steady between 5.25% – 5.50%. Bitcoin price breaks out of its important resistance level at $35,000, indicating a possibility of strong bullish price action in the coming days.
Following the news of FTX unstaking Solana tokens worth $67 Million, the price took a significant jump in its value. Further, growing investor’s interest and confidence in its potential for reshaping the future of decentralized applications and blockchain technology has brought back stability in its price action. The SOL price has added over 32% in value within the past week.
The Solana price was seen trading in a closed range between $22 and $24.25 for a brief period, following which the market gained momentum, and the price broke out of multiple resistance levels at $24.25 and 28.16.
The price then continued to gain value but was rejected at $33.29, after which the price was seen trading sideways for a while.
The SOL token recently regained momentum and started under the bullish influence, resulting in the price breaking out of its resistance levels and further crossing the $40 mark for the first time this year and recording a 14-month high.
The price is presently hovering close to its upper level of $42.50 and is expected to test it soon.
The MACD displays a strong green histogram, indicating a massive ongoing price action for the coin. Further, the averages show a steady rise in the chart, suggesting the price will continue gaining value in the coming days.
Will Solana Price Hit New Yearly High Soon?
If the bulls continue to gain momentum and break out of the resistance level of $42.50, the SOL price will continue to gain value and make a run to test its upper resistance of $46.83.
Further, if the market holds the price at that level, it will continue to rise and test its resistance level at $50 in the coming week.
Conversely, if the bears overpowered the bulls and the price breaks down the support level at $38.77, the price will continue to fall and prepare to test its lower support level at $33.29 soon.
Moreover, if a trend reversal occurs, the price will then experience a massive plunge and will test its crucial support level of $28.16 in the coming time.