Solana Bullish as SOL Reaches $60 First Time Since May, But Initial Retracement to This Level Is Possible

According to crypto analytics firm Santiment, Solana has seen a significant leg up in market value this weekend, with traders pushing prices above $60 for the first time since May 2022. Santiment notes Solana FOMO has picked up markedly, with positivity at its highest level in over a year.

$61 Resistance Tapped

Crypto analyst Rekt Capital points out Solana also tapped the $61 resistance level, even overextending beyond it. Rekt Capital believes it would be entirely healthy for Solana to pullback to $42 after this surge. Generally, a monthly close above $60 would be bullish and could invalidate a downward path.

Accumulation Breakout Signals

Trader Bluntz sees the move as a beautiful low timeframe accumulation breakout for Solana. Bluntz thinks Solana just put in a running flat correction and is ready to head towards new highs next.

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Bullish Signs But Retracement Possible

The positive metrics and technical breakout are bullish signs for Solana in the short-term. However, hitting key resistance around $60 and overextending suggests a retracement to $42 is possible to cool overheated indicators before additional upside. The $42 area could provide support and give Solana a launchpad for its next leg up after a healthy reset. For now, traders are eyeing a monthly close above $60 for confirmation.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.