The crypto industry has displayed a strong bullish sentiment as the market has recorded significant jumps in value recently. Further, Bitcoin has surpassed the $37,000 mark, escalating the possibility of the $40,000 target to be achieved by the year-end.
On the other hand, SOL price has outperformed major cryptos by recording a gain of over 50% in its value within this month and a gain of 450% YTD. Today, during the early trading hours, Solana crossed the $50 mark for the first time since 22nd May 2022.
The SOL price struggled to break out of its resistance level of $24.25 for a brief period, but following the market surge in October, the Solana token gained significant movement in its price.
The price broke out of the resistance level at 28.16 and continued to gain but was seen hovering close to its upper resistance level of 33.29 for a while. Solana broke out and continued to pump before the price was rejected at $46.83.
Following this, the price lost momentum and retested its support level at $38.77. November started on a bullish note as the price has added over 51% in its value within the first ten trading days of the month.
Recently, the price was rejected at 57.84, after which the coin experienced a minor correction.
The MACD displays a rising green histogram, indicating a massive ongoing price action for the coin. Further, the averages show a constant rise, suggesting the price to continue gaining value in the coming days.
Will SOL Price Recover?
If the bulls continue to hold the price above $54.01, it will gain momentum and test its resistance level of $57.84 soon. Further, if the market pushes the price above the upper level of $60.06, it will set the stage for the price to make a run to test its upper resistance level of $65.08 in the coming days.
Conversely, if the bears overpowered the bulls, and the coin fails to hold its price above $54.01, it will lose momentum and fall to test its support level of $46.83 soon.
Moreover, if the bears continue to dominate the market, Solana will experience a price plunge and drop to test its crucial resistance at $38.77 this month.