Solana faces slight correction after bulls lead price above $65

• If the price breaks above the $65 level, it is likely to retest the $66.4 resistance level.
• As of this writing, SOL is trading at $62.77, up 3.59% in the last 24 hours.

Cryptocurrency markets are booming as a result of renewed hopes that a spot Bitcoin ETF will be approved in the U.S., with Bitcoin surpassing $44,000 for the first time since April 2022. The markets in general, and Solana in particular, are benefiting from this upward pattern.

The SOL price trend is getting stronger and is pointing to a breakout bounce that will continue the upward trend. The market’s optimism and the upward trend in trading volume over the last four hours lend credence to the bullish argument. Further analysis shows that the current surge in SOL price is testing the trendline of overhead resistance in a rising channel.

As of December 5, the total value locked (TVL) in Solana’s DeFi ecosystem has grown to nearly $670 million. However, it is still low compared to the peak of $10 billion at the end of 2021, when the SOL price exceeded $250.

Minor fixes in progress

Solana has seen a significant price increase of 500% since January 1st of this year. Moreover, despite recent slight adjustments, it has risen 56.72% at the time of writing.

As of this writing, SOL is trading at $62.77, up 3.59% over the last 24 hours, according to data from CoinMarketCap. Additionally, trading volume increased by 88.89%. The price crossed the resistance level of 65.3 and reached the 66.4 level, resulting in a severe correction.

If the price falls below the $62.4 level, it is likely to test the $61.6 support level. However, if the price breaks above the $65 level, it is likely to retest the $66.4 resistance level.