The price of the favorite altcoin has reached the highest level of the year after an increase of 120%!

Solana (SOL), one of the popular altcoins in the cryptocurrency market, broke out of the long-term cross and horizontal resistance levels. An uptrend has probably started again in the price.
Technical indicators support continued growth. Therefore, the price of the favorite altcoin may continue to rise in the near future.
Rise again after a long time
Analyzing the weekly chart, it seems that the price of SOL broke through a long-standing descending resistance line last week. This line has been available since November 2021 and has been valid for 600 days.
Such breakouts from extended structures usually indicate the end of the previous trend and the beginning of a new trend in the opposite direction.
In the case of SOL, the price has probably started a new uptrend. This week's bullish candle further strengthens this possibility. The price is now trading at the long-standing horizontal resistance area at $28.
Although the altcoin's recent exit is supported by the daily Relative Strength Index (RSI), it has yet to be confirmed.
The RSI is currently trading above the 50 mark. However, there are two more days until the weekly close. Therefore, it is very important to monitor whether the RSI will close above this area.
SOL price prediction: Could it be $40?
The daily chart analysis of the altcoin shows that it has increased by 120% since June 10. During this increase, SOL price broke out of a descending resistance line that has been in effect since April 17.
Also, the daily RSI is currently above 50 and rising. This provides further support for the validity of the break.
On July 14, the altcoin's price hit a new yearly high, touching $32.13. The high was above the $26 resistance area, which is now expected to provide support. If the increase continues, the next resistance will be at $38.
Despite this bullish SOL price prediction, a close below $26 could catalyze a sharp drop to $20. However, there are no signs yet that this will happen.
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