- Solana’s price has risen significantly in the past few hours, reaching a new yearly high at $32.13.
- The collapse of the FTX exchange had a significant impact on Solana’s price, causing it to drop from $142 in April 2022 to as low as $8 by year-end.
- The SOL is currently attempting to break through crucial resistance levels and may trigger a huge upswing if successful.
Solana Price Rally
Solana’s price has risen magnificently in the past few hours, enabling the price to mark new yearly highs at $32.13. The price is trying to break the bearish pattern, which may lift the price beyond the newly formed highs and approach the yearly milestone at $50. Unfortunately, the collapse of the FTX exchange impacted Solana drastically, causing the price to drop from $142 in April 2022 to as low as $8 by end of year. However, with recent rally and industry giants like BlackRock, Invesco and Fidelity filing for a spot Bitcoin ETF have been able to handle turbulence but bears have continued restrict below $25 since start of 2023.
After bullish action propelling SOL from levels around $22-$23 where it was stuck for some time now its attempting clear crucial resistance at 30$87 which can validate breakout from bearish captivity paving way for notable upswing ahead. Breaking key levels S/R trendline & horizontal weekly resistance has given token good push for bulls aiming clear major resistance failed do so since beginning 2023 & testing key level @30$. Break above this level may certify healthy upswing & trigger huge upswing.
Solana was among strongest altcoins in bear market during 2022 despite giant market turbulence caused by fallout of Terra ecosystem but unfortunately collapse of FTX exchange impacted drastically dropping from 142$ in April 2022 to 8$ by end year. Rally managed handle turbulence but bears have continued restrict below 25$ since start 2023 .