Solana Surges by 2.36% in the Last 24 Hours, Reaching $58.21

Solana (SOL) is poised for a significant breakthrough after dipping below the $60 support zone on November 20th. As of writing this report, Solana’s key indicators are bullish, indicating a potential near-term recovery to the $60 price level.

Since its resurgence earlier this year, Solana has experienced rapid price growth, surpassing the psychological threshold on November 15th. However, bears were unable to establish support above this threshold, leading to a loss of grip and a return to a low of $51.6 on November 22nd.

The attempt to reclaim $60 has become a major hurdle that SOL bulls have been unable to overcome in recent times. With current expectations and the design, as illustrated by a 6.64% surge in trading volume to $1,374,937,101, the continuous increase in trading volume signals that retail investors are flooding the market. Their presence can potentially help stabilize the price as SOL aims to regain its lost momentum.

Solana’s Price Rides on History

Although the $60 target price may seem like an ambitious level to break in the near term, it is worth noting that Solana has traded much higher in the past. Prior to the FTX collapse in 2022, Solana was trading at its all-time high (ATH) of $260. This means that the ultimate goal is to retest the ATH by first overcoming as many immediate price levels as possible.

READ also Solana (SOL) Retests 18-Month High in Altcoin Gold Standard Reset

Linked to the pains or negative effects of the FTX collapse, and despite the bankrupt exchange continuing to sell the currency in a liquidation frenzy, Solana has established a crucial anchor, naturally attracting liquidity towards it.

Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.