• The Solana price has recently seen a considerable upward push, rallying close to 20% in the last 24 hours and 40% in the last week.
• The technical outlook of Solana points towards the bulls, but the chart also reveals that it has been overbought and will eventually witness a price correction.
• Accumulation remains high on the chart as demand for the coin has been at a multi-month high.
The cryptocurrency market has been experiencing a notable surge in prices in recent times, with altcoins making significant gains. One such altcoin is Solana, which has been on a bullish run and has broken through several resistance levels. Over the last 24 hours, SOL has rallied close to 20%, and in a week’s time, the altcoin has appreciated close to 40%.
The price of Solana is currently trading at $25, which has been a strong resistance level for the coin. However, the bullish momentum of the coin has been so strong that it has managed to break through this resistance level. This is an indication that there is strong buying pressure in the market for SOL.
The technical outlook of Solana has been positive, but the chart also reveals that the coin has been overbought. This means that the coin is likely to experience a price correction before it continues its upward trend. Despite this, accumulation remains high on the chart, which is a sign that demand for the coin is still strong and at a multi-month high.
Looking ahead, traders should keep a close eye on the price of Solana. If the coin manages to stay above $25, then it is likely to continue its bullish run. However, the coin could also experience a price correction, providing traders with a good buying opportunity. Regardless of what happens, the market capitalization of Solana has grown significantly, which is a good sign for the coin.