• Solana’s price has risen dramatically in the past few hours, hitting a new yearly high of $32.13.
• The SOL price is trying to break a bearish pattern, which may allow it to reach its yearly milestone at $50.
• The recent upswing has helped the token reach an important resistance point at $30.87 that may trigger a huge bull run if broken.
Solana’s price has seen massive gains in the last few hours, reaching new highs of $32.13. The token is attempting to break out from a bearish pattern that could potentially lift the price beyond its yearly milestone of $50 if successful. The rally has brought SOL close to a crucial resistance level at $30.87 that could indicate further upside should it be broken through.
Bear Market Impact
Solana had been one of the strongest altcoins during the bear market in 2022 and weathered considerable turbulence caused by the collapse of Terra’s ecosystem. However, FTX exchange’s downfall sent shockwaves throughout the crypto space with Solana taking a massive hit as its price dropped from $142 in April 2022 all the way down to just over $8 by year-end.
The uptrend began when industry giants like BlackRock, Invesco and Fidelity filed for Bitcoin ETFs amidst increasing adoption of cryptocurrency by institutional investors and retail traders alike. This propelled Solana’s price out of its consolidation between $10 and $12 before moving onto higher levels around 22-23 where it stayed for some time before continuing on its journey upwards towards 30-31 range where it currently stands poised for further growth potential if it manages to breach this area successfully..
Crucial Levels and Milestones
Solana is now trying to break above two key levels – major S/R trendline and weekly horizontal resistance – both of which have been holding back further advances until now but have been breached just recently after gaining significant traction in terms of buying pressure behind it which could signify more bullish action ahead should these levels be successfully crossed with sustainable trading volume behind them.. Reaching these milestones would also validate a clear breakout from bearish captivity paving way for notable upswing ahead towards achieving its yearly milestone at 50 dollars if all goes well according to plan..
In conclusion, Solana is currently testing key levels at around $30 that must be broken through for any further progress towards achieving greater heights as indicated by previous movements across different chart patterns making this an important juncture for deciding future direction of travel for SOL tokens in coming days or weeks depending upon how things play out from hereonwards..