Solana Ready for a Fresh Upswing: Can SOL Price Make It Above $40?

The SOL accomplished forming a bullish pattern after hitting the September lows. After hitting the neckline of the inverted head and shoulder pattern, a breakout appeared, elevating the price levels beyond the pivotal resistance zone between $32.82 and $33.47. Now that the price has been consolidating firmly beyond these levels, it appears that the token is ready to fly high, hitting the next upper target close to $40.

The SOL price has been trading consistently since the start of the month, and hence a breakout was much expected. After the recent upswing, the RSI rose above its overbought levels, and despite a pullback, a bullish divergence has been observed. The price, on the other hand, has been hanging above the broken resistance and has not been rejected till now. Therefore, this suggests a huge potential that could largely depend on the BTC price movement. 

In the short term, the levels around $32 to $33 appear to be more important, with a fragile level around $34. If the Solana price holds above these levels for the next couple of days, one can expect a larger jump around the higher resistance area above $40. However, the pivotal resistance zone lies around $45 to $55, which can be achieved with an extended bullish push along with a huge influx of buying volume.