The Solana (SOL) price created a bearish weekly candlestick after five bullish ones preceding it.

Even though it fell, SOL still trades above a pivotal horizontal support area. Will it resume its ascent?

Solana Increase Finally Cools Down

The SOL price has increased since falling to a low of $8 in December 2022. The price created a higher low on June 5, breaking out from a long-term descending resistance trend line in July.

Initially, Solana failed to sustain its upward movement, returning to validate the trend line as support in September (green icon).

However, the SOL price accelerated its rate of increase afterward. Before last week’s bearish weekly candlestick (red icon), the SOL price had created five successive bullish ones in the weekly timeframe. So far, SOL has reached a new yearly high of $68.20.

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Author: Valdrin Tahiri

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