The SOL price makes a strong increase over the key $25 resistance level.
At the time of writing, SOL is trading at $26.91, up 11.69% in the last 24 hours.
Bitcoin’s rise over $29k has given altcoins substantial optimistic traction, allowing them to quickly regain lost ground. The SOL price makes a strong increase over the key $25 resistance level, signaling the start of a breakout rally amid the general market upswing.
Solana (SOL) soared early Friday morning, breaking above the $25 threshold and reaching $27.20, a three-month high and a level not seen since July. CoinGlass data also shows that more than $6.2 million in short positions were liquidated in a single day. With a 3.69 percent gain over the previous day, the total market capitalization of all cryptocurrencies has reached $1.12 trillion.
The SEC’s decision to withdraw charges against Ripple’s CEO Brad Garlinghouse and the company’s executive chairman Chris Larsen certainly boosted the token’s value. Both of them and Ripple were accused of breaking the law by selling XRP tokens without proper registration.
Significant Bull Run
At the time of writing, SOL is trading at $26.91, up 11.69% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 136.89%. Amid the Bull Run, the price is up 24.81% in the last 7 days. During the recent spike, SOL price broke above the key resistance level at $24.4 and the rally continued. No Doubt, the month of October is proving to be bullish for the crypto sector.
The price now will likely test $27.6 level, breaking which it will head towards the significant $36.8 level. However, the price is expected to face strong resistance at the $27.6 mark.
Conversely, if the price goes below $24.8 level, then it will likely decline further to test $23.3 mark. Breaking this level will likely see prices testing the $21.2 support level.