Solana Spikes Despite Fluctuating Inside a Bear Flag, Will It Hit $80?
- SOL gained 29% value within the last seven days and ranks in CoinMarketCap’s Trending list.
- Solana reached its maximum weekly highest price of $51.6 today.
- The bear flag magically produces SOL with a spike, that could help it reach $80.
With an impressive 29% value gained within the last seven days, Solana is back on the trending list of CoinMarketCap. SOL was trading at $39.6 when the markets opened for trading this week. Thereafter, the token consolidated for almost five days between $40-$42. SOL started to slowly take off on the sixth day.
It rose from almost $43 to $49 in a matter of few hours. Following this spike, SOL started to crash and reached below $44 before spiking again. On the seventh day, SOL increased and reached above $51. The maximum price that SOL reached during the last week was $51.6. Currently, SOL is trading at 51.28 after gaining 7.36% within the last 24 hours.
From the beginning of 2023, SOL has been trading inside a bear flag. However, currently, SOL has broken out of the flag in the upward direction, as least expected from a bear flag. If traders keep stacking buying orders, there is a great chance that SOL could move higher and reach the resistance level at $79. However, there is one obstacle that could hinder this movement.
In particular, SOL has touched the upper Bollinger band, hence, there is a possibility that the market could correct the prices and SOL could crash and look for support levels. In the event that SOL crashes, it could test the $30 support level. And, if $30 is unable to hold SOL’s fall, it could further reach out to $20 and thereafter $13. As such, traders may need to take precautions at the moment, as SOL could move in any direction.
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