Solana’s price was among the strongest altcoins in the bear market in 2022 and withstood giant market turbulence caused by the fallout of the Terra ecosystem. Unfortunately, the collapse of the FTX exchange impacted Solana drastically, causing the price to drop from $142 in April 2022 to as low as $8 by the end of the year. No doubt the rally has managed to handle the turbulence, but the bears have continued to restrict the price below $25 since the start of 2023.
After the recent upswing, the SOL price has reached a crucial juncture where-in a breakout beyond certain levels may trigger a huge upswing in the future. The price began to rise ever since industry giants like BlackRock, Invesco, Fidelity, etc. and many more filed for a spot Bitcoin ETF. The price then rose from the consolidation between $10 and $12, and the recent bullish action propelled the price from levels around $22 to $23, where it was stuck for quite a while.
Presently, the price is attempting to clear a crucial resistance at $30.87, which may validate a clear breakout from the bearish captivity, paving the way for a notable upswing ahead.
With the recent movements, the price marched above the two key levels, the major S/R trendline, and the horizontal weekly resistance. Breaking these levels has given the token a good push for the bulls, aiming to clear the major resistance that it was failing to do so since the beginning of 2023. The price is now testing the key levels at $30 and a break above may certify a healthy upswing.
Considering the technicals, the possibility of a minor pullback to $28 emerges as the RSI has soared to 83.23, which may drop anytime from now. Besides, the ADX, which suggests the strength of the rally, is trying to inculcate a bullish divergence, which may offer more power for the bulls to lift the price beyond $35. However, once these levels are cleared, the next target could be at $45, which may trigger a fresh upswing or a minor bull run toward the 3-digit figure in the rest of 2023.
