The cryptocurrency market continued to consolidate, with the global cryptocurrency market cap steady at around $1.18 trillion, down slightly by 0.2%. Additionally, Bitcoin continues to trade within a narrow range as the cryptocurrency’s dominance continues to rise. Amidst the hustle and bustle of major tokens, Solana is moving towards higher goals.
SOL price has been on a decent uptrend since the beginning of the month and is expected to continue rising for the rest of the month. Currently, the price has broken above a bearish resistance line that has held firm for several months. This could be a huge signal of rising volatility, which could benefit cryptocurrencies in the long run.
As shown above, the price has risen above the mid-term Resistance line or downtrend line. The RSI is rising, so the price is also expected to remain significantly higher and test the immediate resistance between $26.29 and $27.02. Prices are expected to reach these levels over the weekend and, after a minor correction, may continue their healthy move toward $30.
On the other hand, the RSI is heading towards overbought levels, so a minor pullback is likely. Therefore, Solana’s price forecast for this week is quite bullish, and only if it breaks the key resistance levels of $24 and then $26, it can go to $30.
- Sahana Vibhute
A passionate cryptocurrency and blockchain author, qualified to report on the cryptocurrency space every event. Studying tiny events and bringing new insights is the primary focus of my mission.
