According to Coingabbar Price Analysis, Solana is currently within the confines of a Rising Channel Pattern on the daily chart.
Following its peak around $77.76 for the year, SOL has undergone a 15% decline, settling at $66.00.
There are indications of a rounding bottom formation, suggesting the potential for SOL to surpass $80 in the near future.
To initiate another upswing, SOL must maintain levels above the critical support at $62.00.
The 21-day Moving Average is acting as a support, facilitating rebounds in SOL's price.
The Relative Strength Index (RSI) remains bullish, holding above the halfway mark.
A breakout beyond the $80 level could pave the way for Solana to target the upper resistance of $100 by coming months.
Conversely, if bears take control, a loss of momentum may lead to a test of the $61 support level and the channel support.
Continued bearish dominance could result in a deeper plunge, with the lower support level of $51.00 potentially being tested in the upcoming week.
KEY LEVELS :
RESISTANCE LEVEL : $68.00-$72.00
SUPPORT LEVEL : $68.00-$65.00
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