The Solana (SOL) price has increased at an accelerated rate since October, reaching a new yearly high of $86.80 today.
Will this increase continue until the end of the year, or will the SOL price reach a local top soon? Let’s find out.
Solana Price Uptick Accelerates
The Solana (SOL) price has increased exponentially this year after it fell to a long-term low of $9.68 on January 1. During the increase, SOL cleared long-term horizontal and diagonal resistance trend lines.
In July, the price moved above a descending resistance trend line that had been in place since the all-time high in November 2021.
Then, in October 2023, the price broke out from a horizontal area that had intermittently acted as support and resistance for more than two years. Since then, the price has created eight bullish candlesticks in ten weeks.
This Solana increase culminated with a new yearly high of $86.80 today. This amounts to a 750% increase since the start of the year.
SOL/USD Weekly Chart. Source: TradingView
The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.
Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite.
The RSI is increasing and is above 50, both signs of a bullish trend.
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