Solana’s (SOL) price has increased since January 23, breaking out from a corrective pattern yesterday.

The future SOL trend can be determined by the price movement this week. Will SOL break out or get rejected?

Solana Breaks Out From Corrective Pattern

The technical analysis of the daily time frame shows that SOL has fallen since reaching its 2023 high of $126 on December 25. The decrease has been contained inside a descending parallel channel and led to a low of $78 on January 23, 2024.

SOL bounced afterward and has increased since. Yesterday, it broke out from the channel but has not increased significantly. The breakout occurred shortly after a decentralized exchange on Solana reached $250 million in trading volume.

The daily RSI gives an interesting reading. The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.

Readings above 50 and an upward

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Author: Valdrin Tahiri

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