SOL Price Jumps 8% Today, Will Solana Cross $75 This Year?

The post SOL Price Jumps 8% Today, Will Solana Cross $75 This Year? appeared first on Coinpedia Fintech News

With a significant rise in the overall market trend momentum, bulls are ready to swing the altcoins higher to break multiple resistances. Presenting a similar trend, the SOL price trend gains momentum and signals a breakout rally to prolong the uptrend. 

Further, the bullish reversal in the Solana price trend in a shorter timeframe teases a breakout run. Therefore, the ongoing rally strengthens the SOL price prediction, hinting at a solid bullish end to 2023. 

Source – TradingView

Taking support from the crucial baseline at $51, the buyers sustain dominance at the psychological mark of $50. The bullish comeback in the SOL price trend marks a high possibility of a breakout run above the $65 mark.

The rising trend in the trading volume in the 4H chart and the improving market sentiments support the bullish thesis. Further, the recent spike in SOL price tests the overhead resistance trendline of a rising channel.

Therefore, the upcoming breakout rally will be a pivotal trend-reversal point for Solana and highlight a lucrative entry spot. 

In the daily chart, the bullish comeback is pretty evident, along with the significant rise in the underlying demand. As the SOL price trades at $66.20, with an intraday growth of 8.30%.

Technical Indicators:

RSI Indicator: The daily RSI line sustains a positive trend and approaches the overbought zone. Supporting the breakout possibility, the momentum indicator reflects a growth in underlying demand. 

MACD Indicator: The MACD and signal lines tease a bullish crossover in the daily chart and support the possibility of an extended uptrend. 

Will Buyers Boost The SOL Price Above $65?

In the 4H chart, the bulls prepare for an uptrend continuation as it teases a trend line breakout to surpass the $65 mark. Moreover, the ongoing recovery and the improving market sentiments increase the likelihood of an uptrend beyond $75.  

As Solana prepares to gain upward momentum, the SOL price may break through the $75 breakout point with a breakout rally. In the longer term, the altcoin may reach the psychological level of $100.

Conversely, a bullish failure to sustain momentum can retest $50 to warn a nosedive to $44-$45.