• Solana (SOL) has experienced a major price surge of 60% since the end of December.
• Buyers remain in control of the price action, and there is potential for the price to reach pre-FTX collapse levels soon.
• The buying volume is making higher highs, and the RSI is close to reaching overbought levels.
Solana (SOL) has been on a major rally recently, with its price more than doubling since the end of December. In the last week, SOL has surged up by 60%, and the bulls remain in control of the price action. This surge has taken the price to the key resistance at $27, and if buyers can break this level, then they could potentially push the price back to its pre-FTX collapse levels.
To maintain the bullish momentum, buyers will need to keep buying volume up. Fortunately, the buying volume has been making higher highs recently, which is a promising sign for buyers. If the buying volume can continue to remain strong, then there is potential for the price to reach new heights.
The daily RSI for SOL is close to reaching overbought levels. This indicates that buyers are eager to get their hands on the cryptocurrency, which could further boost its price. However, if the RSI continues to remain close to overbought levels for too long, then it could signal a potential reversal.
In the event of a reversal, the key support level is found at $20. If buyers fail to defend this level, then the price could start to tumble. As of now, sellers remain absent, but if they start to return, then this could cause a major sell-off.
Overall, SOL has experienced a major price surge in the last week, and buyers remain in control of the price action. The buying volume is making higher highs, and the RSI is close to reaching overbought levels. If buyers can break the key resistance at $27, then there is potential for the price to reach pre-FTX collapse levels soon. On the other hand, if sellers start to return, then the key support is found at $20.