Solana (SOL) Maintains Upside Stance, Eyeing $59

Solana has had its price lowering amidst descending trend-line influence within the last five weeks. Nevertheless, buyers triggered a bullish breakout on 20 June, overcoming this dynamic resistance. Such a move suggested recovery opportunities for SOL enthusiasts. The stable buying move should strengthen buyers to overcome the nearest resistance at $48.3 and surge towards $59.

• The on-balance volume indicator suggests a parabolic upside.
• Solana’s outlook reveals a 57% increase within two weeks.
• The asset’s 24hr trading volume is $1.69 billion, suggesting a 3.6% decline.

Solana (SOL/USDT) recorded gradual plunges towards lower zones following the massive April-May crash. Meanwhile, the descending trend-line saw the alternative token plummeting to new yearly lows at $26.06.

However, Solana took advantage of the improving market sentiment, rebounding from the support at $26. That saw the token breaching the dynamic resistance trend-line on 20 June. The after-retest upsurge amplified buying momentum and strengthened buyers to overcome the horizontal resistance zone of $37.5.

Solana steadying beyond the flipped support at $37.5 can welcome an impressive upside. Buyers would initiate a 44% surge towards $59 (according to the technical pattern). On the other side, sellers dragging Solana beneath $37.5 would see the fake-out force-liquidating aggressive buyers and crash to token back to the $27 – $26 foothold, confirming a 33.6% decline.

SOL Price for Near-Term Investors Only

Solana presents surged momentum into June’s 3rd weekend. However, the alternative token is yet to confirm a bull run. Buyers have regained 40% lost since the 12 June lows of $27.80. the increased value sees sparse volumes, with many investors uncertain about ongoing market conditions.

While publishing this content, Solana rides upside actions. SOL trades at $41.55 after gaining 9.60% within the past 24 hours (Coinmarketcap data). The nine-hour chart confirms bulls’ upside efforts. Sustaining the near-term rally would see the token surging 40% to explore price zones beyond $52 before eyeing the upside goal at $59.

From a macro standpoint, $60 represents an invalidation zone to welcome a confident bull run for Solana. Breaching $60 will see buyers targeting $140, leading to a 280% surge from SOL’s current prices. However, investors should consider the broad market outlook.

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