Summary
TLDR: Solana (SOL) price has been gradually increasing and is approaching its 2023 highs, but it may have created a double top pattern. The weekly RSI indicator is giving a bearish reading, but analysts remain bullish on SOL’s future trend. The daily chart suggests a more bullish outlook, with a potential high near $145. However, closing below $105 could lead to a 40% correction to $69.
Key Points
1. The Solana (SOL) price has gradually increased since January 23 and is approaching its 2023 highs.
2. While SOL broke out from a short-term resistance level, it still trades below a long-term one.
3. The weekly Relative Strength Index (RSI) gives a bearish reading, indicating potential downward movements despite the recent price increase.