Solana's Price Surges 120% in Four Weeks, but Sustaining Momentum Uncertain

 Solana's Price Surges 120% in Four Weeks, but Sustaining Momentum Uncertain

Solana's Price Surges 120% in Four Weeks

Over the past four weeks, the price of Solana has exhibited a steep upward trend on the daily time chart. Starting from a low of $12.8 on June 10th, the coin's price has surged to its current value of $28.25, indicating a remarkable growth of 120%. This significant rally is possibly influenced by the optimistic outlook of a symmetrical triangle chart pattern and the impact of the XRP coin's price surge. However, it remains uncertain whether SOL prices can sustain this bullish momentum for further expansion.

Analysis of the Solana Price Daily Chart reveals a breakout at $26.77, setting the stage for a potential upswing of 35.6%. Nevertheless, it is anticipated that the Solana price may experience a minor correction before making its next significant leap. Additionally, the 24-hour trading volume for the Solana coin stands at $146.5 million, indicating a 37% decrease.

During the ongoing recovery, the Solana Price encountered a failed breakout attempt from the long-standing resistance level of $26.77. The rejection evidenced by the long-wick attached to the daily candle on June 14th suggests active selling pressure at this resistance level.

If the coin's price manages to sustain the flipped support at $26.77, it could serve as a solid foundation for buyers to rally by 35.6% and potentially reach the next major barrier at $38.6.

Considering the recent doubling of Solana's market value in just one month, it is important to note that an aggressive rally of this nature may not be conducive to a sustainable long-term bull run, despite the current market sentiment. Therefore, following a bullish breakout from $26.77, it is likely that the altcoin will experience a pullback or consolidation above the breached resistance to test the strength of its support. This anticipated retest could present a favorable opportunity for traders seeking to enter long positions.