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• Solana rallied in 2023 but failed to break above the horizontal resistance
• A bullish case remains valid unless the price moves below the 2022 lows
• If it breaks above horizontal resistance, Solana may trade above $40

Solana Price Rally in 2023

Solana made gains this year, seeing its price increase from $10 to over $25. This appeared to be a clear bullish breakout, however a consolidation started after trading at a high of $26 in January. To build a bullish case, investors must make sure that the market does not dip below last year’s lows.

Horizontal Resistance

At present, Solana’s price is bearish while it remains below horizontal resistance. To trigger further gains, there must be a daily close above this level. If successful, this could see the market move above $40.

US Dollar Weakness

The US dollar has traded with mixed results so far in 2023 and the Federal Reserve is currently on pause. Renewed weakness for the US currency would likely help cryptocurrencies and boost Solana’s prospects further.

Bullish Scenario

Cryptocurrency investors can build a bullish scenario as long as Solana’s market does not dip below last year’s lows. A break above horizontal resistance should trigger more gains for Solana and potentially see it trade above $40 if US dollar weakness resumes later in the year.


In conclusion, cryptocurrency investors should look carefully at both current levels of support and possible future movements of the US dollar before making any decisions about investing in Solana or other digital currencies. Any break above horizontal resistance could push prices even higher if currency markets cooperate and weaken accordingly

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