Solana price retests key level, potential for 37% increase to two-month high

Solana price has been steadily rising over the last 12 days.
SOL could stretch to $22.77 if Solana bulls maintain their current heading.
If Solana price falls prey to market fears and falls below $11.17, the bullish thesis would be invalidated.

Solana price has managed to stand out among the big-cap cryptocurrency by establishing sustained upward momentum. If the Ethereum-killer continues this path, it could initiate a recovery from the setback it faced following the collapse of the cryptocurrency exchange FTX.

Solana price set to reach higher

Solana price has gained by more than 70% year-to-date as the value of the cryptocurrency rose from $8.80 to $16.74 at the time of writing. The buying spree, combined with the positive sentiment noted in the last couple of days, has helped the altcoin climb higher, and it is on the path to continuing this pattern.

The Parabolic Stop and Reverse (SAR) indicator is maintaining its uptrend indication on both the 4-hour timeframe as well as the daily timeframe. The presence of the blue dots below the candlestick verifies the same.

This is further supported by the Average Directional Index (ADX), which is better known to indicate the strength of the active trend. As the red line of the indicator is above the 25.0 threshold, the uptrend has the strength necessary to push the price higher.

If these conditions sustain, Solana price could easily breach the resistance at $17.89 and tag the critical resistance at $19.30. Flipping this level into a support floor would provide SOL the boost it needs to tag $22.77 and mark a 37% rise to a two-month high.

SOL/USD 4-hour chart

Nevertheless, traders might need to remain cautious in the event that the market needs to cool down from the consistent bullishness. If the immediate support at $15.90 is lost, Solana price could trickle to tag $14.80 or $12.80.

However, the altcoin would be in trouble if it fails to remain above $11.70. A daily candlestick close below this critical support level would invalidate the bullish thesis, resulting in a possible fall to $10.24.

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