The Solana (SOL) price has moved above an important Fib resistance level, signaling it has begun a new upward movement. An increase toward $28 is the most likely price forecast.

SOL is the native cryptocurrency of the Solana blockchain, created by Anatoly Yakovenko. The blockchain specializes in smart contracts and decentralized applications (dApps). The Solana price has increased since, creating a bullish hammer candlestick on March 10 (green icon). The increase also caused a reclaim of the 0.5 Fib retracement support level of $17.60. Such reclaims are considered bullish developments and are often followed by significant upward movements. 

Moreover, the daily RSI broke out from its bearish divergence trend line (green line), increasing the movement’s legitimacy.

The SOL token price is now approaching the $26 resistance area. If it breaks out, price could increase to the next resistance area at $37. Measuring from the current price, this would be an increase of 60%. 

However, a fall to the $17.60 area could follow if the SOL price gets rejected.

Has Solana (SOL) Price Completed Correction?

The technical analysis from the six-hour time frame provid

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Author: Valdrin Tahiri

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