1 November Solana Price Surges to a Fresh Yearly High: Will 60 Dollars be the Next Milestone?

Crypto News– In October, the price of Solana (SOL) demonstrated a positive trend and surged to a fresh yearly high, reaching $39.36 today.

During this upward movement, SOL managed to break free from a significant long-term horizontal resistance level at $28. The breakout from this level was a pivotal development in SOL’s price action.

1 November Solana Price Surges to a Fresh Yearly High: Will 60 Dollars be the Next Milestone?

SOL had previously broken out from a long-term descending resistance trendline back in July. Notably, in September, it confirmed this trendline as a supportive barrier (as indicated by the green icon), which accelerated SOL’s upward trajectory.

Last week, SOL made a notable breakthrough, surpassing the $28 horizontal resistance zone. This area holds significant importance as it has been acting as a stubborn resistance since SOL’s downturn in November 2022.

Following this breakout, Solana soared to a new yearly high, hitting $39.40 today.

The weekly Relative Strength Index (RSI) offers a bullish reading, a key indicator for traders evaluating whether a market is overbought or oversold and whether it’s time to buy or sell an asset.

RSI readings above 50, along with an ascending trend, indicate an advantage for the bulls, while readings below 50 suggest the opposite. Currently, the RSI stands above 50 and is on the rise, both of which are indicative of a bullish trend.

Sentiment Turns Positive for Solana

As a result of Solana’s recent surge, the altcoin has reclaimed the #7 position in the market capitalization rankings. This price upswing has also sparked a resurgence in social interest, with SOL being the topic of nearly 2% of all discussions among the top 100 assets.

However, the perspectives of cryptocurrency analysts regarding Solana are somewhat divergent.

Pentosh1 anticipates that the price is likely to encounter resistance in the $38-$40 range, followed by a gradual decline towards the $32 mark.