Solana's (SOL) price is currently experiencing a rollercoaster rally. Since marking a bottom below $8 on December 27, Solana's price has grown by more than 400%. In the last 24 hours, the price has risen 14%, and a whopping 38% in the last seven days.
The 1-day chart shows that SOL broke out of an ascending trend channel in a very bullish manner. Solana rose yesterday above the late Oct high of $46.25, which the price marked just before it plummeted in the wake of FTX’s collapse.
The next few days will be all about closing above $40 for the Solana bulls. If they succeed in doing this, the Fibonacci extension level of 1.618 at $60 could be the next major target.
At the time of writing this article, Solana (SOL) is trading at $43.76 with a market capitalization of $18 Billion.