The Solana (SOL) price reached a new yearly high of $68.20 on November 16 but has fallen since.

The price now trades slightly below a critical resistance area at $62.50. Will it break out or get rejected?

Solana Closes Five Consecutive Bullish Candlesticks

The SOL price has been on a sharp upward movement since the start of October. At the time, SOL had broken out from and validated a descending resistance trend line as support (green icon).

SOL broke out from the $27 and 50 resistance area during the upward movement. Last week, the Solana price reached a new yearly high of $68.20. This was the highest price since April 2022.

With the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.

Bulls have an advantage if the RSI reading is above 50 and the trend is upward, but if the reading is below 50, the opposite is true.

The RSI is increa

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Author: Valdrin Tahiri

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