Since it dropped below the $60 support zone on Nov. 20, Solana (SOL) is aiming for a risky breakout. As of this writing, Solana is up 2.36% during the last day to trade at $58.21. The fundamental Solana measures are optimistic and indicate that a near-term return to the $60 price level is likely.
Solana’s price has been surging rapidly since this year’s rejuvenation, and on November 15th, it crossed the psychologically significant $60 level. Bears prevented Solana from creating a support level above this level; hence, it lost traction and dropped down to a low of $51.6 on November 22.
In recent weeks, the endeavour to recover $60 has emerged as a significant obstacle that SOL bulls have been unable to overcome. In light of the present situation and determination demonstrated by the 6.64% increase in trading volume to $1,374,937,101, a steady rise in trading volume indicates that individual investors are flooding the market. Most importantly, as SOL tries to recover its lost mandate, their presence can aid in keeping the price stable.
Solana (SOL) price riding on history
Although breaking the $60 price objective in the short term might seem like a tall order, it’s important to remember that Solana has previously traded at far higher levels. Before the 2022 FTX crash, Solana was trading at $260, which was its all-time high (ATH). This suggests that taking out as many of the immediate price levels is the first step towards ultimately retesting this ATH.
As a result, Solana is no longer affected by the pain or adverse effects of the FTX collapse. Despite the bankruptcy exchange’s ongoing coin sales, Solana has created a vital anchor that draws further liquidity to it.
