SOL Price Managed to Hit $51 After 530 Days

Crypto News – The SOL price is currently trading within the $50 horizontal long-term range.

SOL Price Managed to Hit $51 After 530 Days

Since September, when the SOL price was validated as support by breaking out of a long-term descending resistance trend line, it has rapidly increased (green icon). The SOL price has not seen any correction during the strong climb. During the upswing, the price of Solana rose over the $27 resistance zone. It’s currently rising over the $50 resistance zone. SOL has not yet reached its weekly close, although it has moved above it.

There is a bullish trend evident as the indicator is rising and remains over 50. The RSI has not yet produced any negative divergence, which is a signal of an approaching price decline, despite the fact that it is overbought (green icon).

Investors are optimistic for the SOL

The continuous increase is supported by the daily time frame count. It shows that SOL is now on wave three (white) of a five-wave upward rise. Wave three is usually the longest and sharpest of the bullish waves. On the other hand, cryptocurrency trader Bluntz Capital is quite optimistic about SOL because FTX has been selling it frequently yet the price has not decreased.

FTX has been selling between 250k-700k SOL every day for the last two weeks while price has either been going up or sideways. So far its been getting absorbed like a champ and at current rate their unlocked tokens should be depleted within a week. once this seller is gone I can only imagine how hard its gonna pump.

Bluntz_Capital