In recent months, the price of Solana has become the object of desire for traders who want to invest in cryptocurrencies. With lightning-fast growth, SOL has risen more than 80% in just a few weeks. For many analysts, this is a spectacular turnaround, given the difficulties the Solana project was facing just a year ago.
Solana's evolving market:
Solana's growth curve has been particularly volatile in the last years. In fact, the SOL token, the platform's native cryptocurrency, has experienced significant ups and downs. Although it ended October on a high note, breaking through the $35 major resistance zone and peaking at $41 today, its path has been fraught with difficulties. According to data from the price chart, the cryptocurrency has seen an impressive 81% growth since it touched an intra-month low of around $21.15 on October 12 in 2023.
However, this increase is far from insignificant. In fact, in the span of one year, the token saw its value rise nearly 300%, just amazing, from its all-time low in December 2022, when it was trading at only $9.65, from this period i lost all my confidence in this token. While the SOL token had peaked at nearly $250 in 2021, its decline was sharp and immediate in the following year, a devastating drop. The token quickly plummeted below $10, not only because of the crypto winter that the market went through in 2022, but also and especially because of the crisis of confidence that hit FTX, one of the major players in the industry that supported the Solana ecosystem.
The line MACD marks a bullish movement, but attention should be paid to possible future crosses that could indicate a change. Although the current momentum appears to be bullish for Solana, the elevated RSI may suggest caution, as the asset may be overbought. On the upside, SOL's price has its next target at $42.85 with a very good chance of reaching $44 over the weekend. While a downward movement could see almost immediate support at $38.5.
