This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Solana (SOL) has experienced a significant surge in price, surpassing the $60 mark and outperforming Bitcoin. The cryptocurrency has the potential to continue its rally, with a potential 10% increase to reach $68. After struggling to break the $70 resistance level, SOL saw a correction and dropped below the $62 and $60 support levels. However, it remained above the 50-day simple moving average. The price then started to rise again, surpassing the $55 level and clearing a major contracting triangle with resistance at $58. Currently, SOL is trading above the 50% Fib retracement level and has shown a 10% increase. This positive price action suggests further upside potential. In terms of fundamentals, SOL has seen strong inflows of investment, reflecting confidence in the cryptocurrency. The current resistance level is at $61.80, and a clear break above this level could lead to another rally, potentially reaching $68. On the other hand, if SOL fails to break the resistance, it may experience a downside correction towards the $55.50 support level. The main uptrend support is forming near the $40.00 level and the 50-day simple moving average. Overall, SOL is gaining momentum above the $60 resistance and has the potential for further upward movement.