"Does it seem possible for the SOL price to reach that level this week?"
After the cryptocurrency Solana (SOL) regained its upward momentum by crossing $20, Cubic Analytics Founder Caleb Franzen revealed a three-step strategy for the price to hit $27.
According to his opinion on SOL on his Twitter account, Franzen believes the price of SOL is poised to continue rising higher in the near future.
The three main steps Franzen mentioned earlier that SOL needs to follow for its price to pass $27 is the trend line breakthrough, which is the first step that signals a shift in crypto market sentiment.
Once the trend line is broken, the second step suggests that SOL should use the newly established trend line as a support zone then the last step to be done is to set the target at $27.
Currently, SOL plunged by 2.90% at $21.04 with a market cap of $8 billion, where there is now around a 23.88% increase for the digital asset reaching $27 from the current price.
It is well known that SOL reached an all-time high of $260.06 on November 6, 2021, but slipped by 91.56% to $0.50 on May 11, 2020 and has since seen a 4,242.71% climb.
Although the SOL ecosystem is now facing various challenges when the Securities and Exchange Commission (SEC) defines its token as a security, Drift Protocol which offers liquid staking for the digital asset has pushed its price to $20.
However, it should be noted that the delisting of SOL from Robinhood Markets and Celsius can affect the short-term performance of the digital asset.
