Solana Might Soon Return To Triple Digits: Price Analysis

Solana might soon return to triple digits as its technicals are turning bullish so let’s read more today in our latest blockchain news.

Solana increased by more than 15% over the past week but the Layer 1 network hasn’t overcome the resistance yet. Solana reached a crucial resistance level as it tries to catch up with the other layer 1 coins such as Avalanche which surged by more than 35% in the past week and other technical indicators also suggested that SOL can be preparing to break out. Solana seems to be on the brink of breaking out as the price action flashed plenty of bullish signals.

The layer 1 network’s SOL token saw its market value increase by 15% over the past week to hit the $93 resistance level and this hurdle is very important to Solana because it sits around the descending trendline of the wedge which was forming on the daily chart. Solana might soon return to double digits with the candlestick close above $93 can signal a breakout from the consolidation pattern and with these circumstances, the investors could re-enter the market and push Solana by 34% towards $120.

It is worth noting that the SOL price seems to be creating a bullish divergence against the Relative Strength Index with the same timeframe while Solana made the series of lower lows, the RSI still made a series of a few highs. Such market behavior indicates rising upward momentum and added credence to the optimistic outlook. Solana will need a sustained daily close of $93 to confirm this thesis but if it fails to break this resistance, the asset can suffer a correction to the descending trendline at $75.

As recently reported, The interest in decentralzied autonomous organizations has seen a huge drop since the rise and fall of ConstituionDAO which raised $45 million in ETH last year and failed to buy the limited edition copy of the US constitution. While DAOS still exists on Ethereum and the network which powers the second biggest crypto while also beginning to spring up on the competing blockchains like Solana. According to the DAO Analytics site DeepDAO, there’s $9.5 billion held in DAO treasuries on the networks with $1.3 billion held by DAOs built on Solana alone and the remainder on Ethereum.