• At the time of writing, SOL is trading at $58.05, up 0.71% in the last 24 hours.
  • If the price manages to go above $58.80 level, then it will likely rally further to test $62.

Solana pricing has been on a dramatic increase in recent weeks. Despite the brief plunge, the price is still up 82% during the last 30 days. The bulls are back in action and the price has shown positive momentum. 

On November 20th, the U.S. Securities and Exchange Commission sued Kraken, and also mentioned that Solana (SOL) was an unregistered securities along with few other tokens. Thus, the regulatory clarity over the token is still a cause of worry for investors.

The affiliation of SOL with the defunct FTX exchange might have an unfavorable effect over the subsequent price movements. Especially since the defunct crypto exchange has been on a selling spree in the last few weeks.

In the previous two weeks, Solana has made multiple failed attempts to break below the $50 support area. Each time, the bulls have been sufficiently strong to cause a price increase.

Consolidation Phase

At the time of writing, SOL is trading at $58.05, up 0.71% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 31.98%. The price recently found support at $51.7 on November 22. 

The bulls have pushed the price up from this point. However, it has been consolidating recently, waiting for a strong breakout in either direction. If the price manages to go above $58.80 level, then it will likely rally further to test the $62 mark. On the other hand, if the price declines below $55.2 level, then it will likely test $51.7 support level.