Solana price rally, despite a 600% increase, does not intend to stop rising
- Solana price, at the time of writing, is trading just under $70 after rising by more than 6.5% in the last 24 hours.
- Solana has outperformed every major cryptocurrency this year, rising by nearly 600% year to date.
- The bullish cues suggest a further rise is on the cards, pushing SOL to a 19-month high.
Solana price is continuing its dream run despite the challenges faced by the crypto market since the beginning of the year. The altcoin is close to marking not only a fresh year-to-date high but also a 19-month high.
Solana price to see more green
Solana price can be seen trading at $69 at the time of writing, rising by over 6.5% in the last 24 hours. The cryptocurrency is inching closer to breaching the $70 mark to test the resistance level at $71. Invalidating this barrier is crucial for SOL to secure the recently achieved gains and also mark the highest price point noted by the cryptocurrency since May 2022.
In fact, year to date, SOL has been the only major altcoin, or cryptocurrency, for that matter, that has come close to even marking a rally as significant. Rising by 600%, SOL holders have witnessed spectacular profits and might continue to do so once Solana price is pushed beyond $71.
Year-to-date performance of top cryptocurrencies
The price indicators - the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) - are both exhibiting bullish signs at the moment. This supports the bullish expectations from Solana price breaching $70.
SOL/USD 4-hour chart
However, if the breach fails, SOL would most likely fall back to $66. Moving sideways would give it a chance at reigniting the rally, but a fall through this support line would invalidate the bullish thesis, causing a crash to $64 or $61.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
