With Bitcoin (BTC) potentially looking set for an impending correction, Solana is riding high. Up 15.6% already this week, the leading layer 1 could be in the midst of a huge breakout. How high can $SOL go?
$SOL bursts through resistance and ascending trendline
Source: TradingView
The weekly chart for the $SOL price is quite a mouth-watering one. Not only has the price burst through the $220 resistance, potentially turning it into support at the end of this week, but it has also pierced through the ascending trendline which stretches back to May this year.
As can be seen in the chart, the last major resistance is the top of the weekly candle closes back in November 2024 and January 2025 respectively.
At the bottom of the chart, the Stochastic RSI indicators are nearly topped out, but there is a little way still to go before they reach their limit, and there’s nothing to stop the indicators continuing to bounce along the top for an extended period of time.
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