Solana (SOLUSD) is currently positioned for a significant breakthrough following its descent below the $60 support threshold on November 20. As of the latest update, Solana is priced at $58.21, reflecting a 2.36% increase over the past 24 hours.
Despite the recent setback, the core metrics for Solana remain optimistic, indicating a likely reclamation of the $60 price level in the near future (SOL 7D chart; Source: CoinMarketCap).
Having experienced a remarkable resurgence throughout the year, Solana achieved an impressive surge, surpassing the psychologically significant $60 mark on November 15. However, the failure to establish a support level above this threshold led to a loss of momentum, with the price retracing to a low of $51.6 on November 22.
recent: Is Solana (SOL) Poised to Lead the Bull Market?
The challenge of surpassing the $60 mark has become a pivotal obstacle for SOL bulls in recent times. The current market dynamics, exemplified by a 6.64% surge in trading volume to $1,374,937,101, suggest a growing presence of retail investors. This influx of retail participation could potentially contribute to stabilizing Solana’s price as it strives to regain its lost ground.
Solana’s price trajectory is also influenced by historical performance. While achieving the $60 target may appear ambitious in the short term, it is essential to recognize that Solana has previously traded at levels well beyond this threshold.
Prior to the FTX collapse in 2022, Solana reached an all-time high (ATH) of $260. This historical peak suggests that the ultimate objective is to revisit and surpass this ATH, with the current focus on conquering immediate price levels.
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Importantly, Solana has successfully decoupled from the adverse effects of the FTX implosion. Despite the ongoing coin sell-off by the bankrupt exchange during its liquidation process, Solana has established itself as a vital anchor, naturally attracting additional liquidity to the market. This resilience positions Solana for further growth and recovery beyond the challenges posed by the FTX collapse.
Metric | Value |
---|---|
Current Solana Price | $58.21 |
24-Hour Price Change | +2.36% |
7-Day Trading Volume | $1,374,937,101 |
Previous ATH (Pre-FTX) | $260 |
Lowest Price (Nov. 22) | $51.6 |