Solana Price Faces Brief Correction After Failing to Clear Above $65.3

• At the time of writing, SOL is trading at $61.10, down 2.56% in the last 24 hours.
• If the price manages to break above $63.4 then the price will likely retest $65.3.

As Bitcoin broke beyond the $41,500 barrier, the cryptocurrency sector as a whole has witnessed a tremendous surge. Moreover, Ethereum is also witnessing strong bullish momentum and is trading above the $2200 level at the time of writing. Furthermore, most altcoins have risen sharply, indicating widespread optimism in the cryptocurrency market.

Solana co-founder Anatoly Yakovenko asserts in a post on Twitter that the success of Solana is not dependent on Ethereum’s downfall. Actually, he sees a scenario where both platforms are successful, which shows how far technology may go.

This insight highlights how the crypto market is always evolving, driven by innovation and fair competition. The co-founder sees this rivalry not as a danger but as an inevitable component of the blockchain ecosystem’s development.

Minor Correction

At the time of writing, SOL is trading at $61.10, down 2.56% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 41.13%. Despite the minor correction, SOL is up 12.23% in the last 7 days and 46.84% in the last 30 days.

The price made a failed attempt to break above the $65.3 mark. Moreover, the price recently broke below the key support level of $62.5. If the price manages to break above $63.4 then the price will likely retest $65.3 resistance level. 

If bulls manage to break this level, then it will likely rise further to test $79.1 level. However, if the price declines and goes below $59 level, then it will likely decline further to test $56.4 support level.