Solana’s native cryptocurrency SOL had a strong bounce back since the start of the year as did many top cryptocurrencies. However, since February, the altcoin has experienced a slowdown. But a recent signs suggested that the bulls are back and in a big way.

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SOL exchanged hands at $23.53 at press time, which represents a 16% upside in the last 24 hours at the time of writing. Zooming out reveals why this latest price spike is an important observation.

A long-term descending resistance line underpinned SOL’s price action since November 2021. The latest rally managed to push above the same resistance line.

From a technical analysis perspective, this bullish bounce indicated a pattern break which may underscore the next phase of SOL’s price action. In other words, there is a notably higher likelihood of an extended bullish recovery after this pattern break.

Furthermore, Solana’s on-chain metrics highlighted a spike in the weighted sentiment, reflecting an investor confidence boost. It was also accompanied by a volume surge which marks the second highest spike in the last 30 days.

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Author: Michael Nderitu

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