Ever since the co-founder announced plans to roll out an SMS platform and Android phone, the Solana’s price has gone up drastically. The price that broke the falling wedge broke through a falling consolidation and hit a week ago high. However, the recent positive announcements gave a big boost to the asset, which is up over 25% in the past 24 hours.
Despite the significant increase, the price of SOL is still extremely bullish. The price is making a consistent high and low with the aim of retesting the $50 level before the weekend. There is no doubt that reaching these levels will be an uphill task as the crucial resistance at $44, $46 and later at $48 could hinder the rally. However, a major SOL is approaching bullish which may push the price towards the 3-digit figures soon.
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As per the pattern created in the weekly chart, SOL price formed a continuous high low starting from May 2021 and ending in June 2022. Bearish trend entering first green candle after accumulating massive bearish pressure. On the other hand, an 8-month decline in the altcoin market cycle is followed by an 8-month consolidation followed by a strong bullish wave.
Therefore, the chances of a new low before the consolidation phase begin with the current rally are very high. Even as the bears tighten their grip, a significant rally towards immediate resistance near $75 surfaces is likely. However, the 3-digit figure is still very different and a difficult task to achieve in 2022.