Solana (SOL) Embarks on a Renewed Bullish Journey

A Strong Recovery

After a bottom and sideways accumulation that lasted through May 2022 and into mid-October of 2023, Solana has denied the doubters and, barring a couple of pullbacks, has been on an upward trajectory ever since.

The first major breakout took $SOL from a lowly $20 to a local high of $68 in a period of only two months. The next surge carried $SOL to $78, and this has recently been surpassed after an 18% pullback, putting $SOL at a new local high of $78.50 at the time of going to press.

A Micro Breakout?

Looking at the very short-term hourly time frame, $SOL is in a rising channel. Some resistance could happen as the price rises to the top again, but a breakout could also happen, which would be extremely bullish.

A Year Long Accumulation

On the medium-term time frame of the daily, it can be seen just how long $SOL was being accumulated (around 1 year). The definitive breakout on 1 November led to the strong surge that $SOL is still experiencing.

Strong Resistance Reached

On the long-term weekly time frame, it should be noted that $SOL has come up against a strong resistance level. A break here could lead to the next stage of $SOL’s price growth. Other higher resistance levels can be found at $94, $114, $136, $148, and $173. The all-time-high is at $260.