The News Crypto -
- If the price goes above $65 level then it will likely retest $66.4 resistance level.
- At the time of writing, SOL is trading at $62.77, up 3.59% in the last 24 hours.
As a result of renewed hope that a spot bitcoin ETF would be approved in the United States, the crypto market is experiencing a boom, and Bitcoin broke above $44,000 for the first time since April 2022. The general market, and Solana in particular, are benefiting from this rising pattern.
The SOL price trend is becoming stronger and is indicating a breakthrough rally to keep the uptrend going. Optimism in the market and an upward trend in trade volume over the last four hours lend credence to the optimistic argument. Additional analysis reveals that the current surge in SOL price is testing the trendline of overhead resistance in an ascending channel.
As of December 5, the total value locked (TVL) in Solana’s DeFi ecosystem has increased to almost $670 million. However, it is still lower than the $10 billion high that occurred in late 2021 when the SOL price was more than $250.
Minor Correction Underway
Solana had a substantial price gain of 500% since January 1 this year. Moreover, at the time of writing, it is up 56.72% despite the recent minor correction.
At the time of writing, SOL is trading at $62.77, up 3.59% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 88.89%. The price did break above the resistance level of 65.3 and reached 66.4 level, where it faced severe correction.
Source: CoinMarketCap
If the price manages to go below $62.4 level then it will likely test $61.6 support level. However, if the price goes above $65 level then it will likely retest $66.4 resistance level.
This article was originally published on thenewscrypto.com
