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After a period of trough and horizontal aggregation, Solana’s rise seemed to silence skeptics, constantly pushing upward with only minor setbacks. It recovered strongly from May 2022 through mid-October 2023. The first significant price climb saw Solana increase from a modest $20 to a local peak of $68 within just two months. Subsequent surges carried Solana further to a whopping $78, breaking this barrier even further to set a new local high record of $78.50 in a short period.
If we look at the short-term hourly timeframe, we can see Solana moving within an upward channel. Although some resistance may appear as its price reaches the top, the potential for a breakout, which would be highly optimistic, can also be expected. On a medium-term daily timeframe, it is noticeable that Solana was being accumulated for about a year. The clear breakout on November 1 instigated the robust surge that Solana is still experiencing. However, it is worthy of noting that on the long-term weekly timeframe, Solana has come into contact with a powerful resistance level. Surpassing this could trigger the next phase in Solana’s price growth despite higher resistance levels at $94, $114, $136, $148, and $173, with the all-time high standing at $260.
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