After a positive October, the Solana (SOL) price reached a new yearly high of $46.90 on November 1.

While SOL failed to close above the $47 resistance area, it is currently making another attempt at moving above it.

Solana Reaches $47 Resistance Area

In July, the price of SOL experienced a significant breakthrough, surpassing a descending resistance trendline that had been in place for an extended period.

In September, this trendline was confirmed as a reliable support level (green icon), leading to an acceleration in SOL’s upward momentum.

Afterward, SOL managed to surpass a crucial hurdle at the $28 horizontal resistance area. Following this breakout, SOL achieved a new yearly high, reaching a price of $46.70 today.

However, the price failed to sustain its increase, creating a long upper wick and validating the $47 area as resistance.

The weekly Relative Strength Index (RSI) is bullish.

When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advanta

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Author: Valdrin Tahiri

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