The Solana (SOL) price increased sharply after a temporary drop on Thursday. It reached a new yearly high of $51 on Friday. 

The SOL price now trades inside the long-term $50 horizontal area. But can it break out above it?

Solana Reaches Long-Term Resistance

The SOL price has increased swiftly since breaking out from a long-term descending resistance trend line and validating it as support in September (green icon). 

The rally has been sharp, and the SOL price has not experienced any retracement. During the upward movement, the SOL price increased above the $27 resistance area. It is now increasing above the $50 resistance area. While SOL moved above it, it has yet to reach its weekly close.

Market traders use the Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditio

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Author: Valdrin Tahiri

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