Solana Price Breaks $50, What Should Investors Expect Now?

Crypto News – Rival to Ethereum’s Layer-1, Solana, continues its strong price increase, rising by a further 2% and hitting $49 at this time. The significant development of BlackRock submitting an application for a spot Ethereum ETF supports the current increase in SOL’s price.

Solana Price Breaks $50, What Should Investors Expect Now?

The price of SOL increased by more than 113% in the previous month, signaling the beginning of the enormous Solana rally a few weeks ago. The rise has allowed the altcoin to move beyond the $46 resistance level, which has been in place for 15 months. Even though the price of the cryptocurrency is currently above this level, a daily candlestick closure and a subsequent test of this price as a support level would indicate prolonged momentum.

Solana’s price might potentially decline, though, if the surge reaches an unsustainable level and investors decide to lock in their profits. If the price closes below $46 support, the bullish outlook may be nullified, and SOL may drop to $31. Losing support at $46 would present an opportunity for a comeback from $36.

Investor Jacob Canfield Addresses Some Issues Related to the Solana Price Increase

Jacob Canfield, a well-known cryptocurrency trader, has given an explanation for why he believes the Solana price boom will continue.

I think that @Solana is going to continue to be one of the biggest movers during this current bull market cycle,

Canfield

He also mentioned several requirements for the continuation of the Solana price surge. Some of the items he cites are as follows:

• SOL.D: Solana domination fell short of 3%, even at the height of the market.
• SOLBTC: A weekly resistance level is being broken, indicating the possibility of a parabolic surge.
• SOLETH: A weekly resistance level was recently broken by Solana, suggesting that there may be a parabolic rise versus Ethereum.
• ETH.D: Currently dropping the 200-week moving average and breaking through a long-term trendline. At 17%, Solana could be a big winner in this market cycle if it keeps up its trend versus Ethereum and the latter falls to 2019–2020 levels.