Solana's SOL token has seen a small 0.09% increase in price over the last 24 hours to trade at $26.44 according to the data. However, the wider view shows strong gains of 22.93% for SOL over the past 7 days.

Overview of Recent Solana Price Activity

• SOL is up 22.93% over the past week, showing strong upside momentum
• 24-hour trading volume stands at $550 million
• Market cap is $10.6 billion with 402 million SOL in circulation
• SOL saw a bounce after falling below $20 in June

After reaching a low of $17.50 on June 18, Solana has surged higher over the last month. The bounce from under $20 reaffirmed buyer support and helped SOL regain its footing. The cryptocurrency continues displaying bullish tendencies in the near-term.

Solana Price Analysis and Outlook

Checking the daily price chart, Solana shows a clear series of higher highs and higher lows over the past few weeks. This demonstrates a staircase pattern that is constructive for the bulls.

The 50-day moving average is also trending above the 200-day MA, signaling an uptrend. SOL found support near the 50-day MA last week before turning higher. This moving average near $22 appears to be an important support line to watch.

Momentum oscillators like the RSI have room to rise before being overbought, signaling additional upside may be ahead for Solana. Target resistance levels to watch include the June highs around $35 and the 2022 peak near $45.

My bias is bullish on SOL above support at the 50-day MA. I believe Solana can retest its 2022 highs, but it needs to remain above $22 to avoid a deeper correction.

Will Solana's Momentum be Sustained in 2023?

After a very difficult 2022, Solana has found its footing in 2023 thus far. The blockchain outperformed the broader crypto market during the recent rally. But an important question is whether this momentum can be sustained.

There are several factors that could help Solana maintain upside trajectory this year. As an Ethereum competitor, Solana stands to benefit if adoption of Web3 and DeFi continues accelerating.

Specifically, Solana's high transaction speeds and low fees make it appealing for decentralized applications. If developers continue building on Solana, demand for SOL may rise.

However, Solana faces stiff competition from the likes of Ethereum, Cardano, Polkadot and others. It will need to keep innovating and onboarding projects to maintain an edge. Macroeconomic challenges could also dampen momentum if risk appetite declines.

But the recent price action shows Solana is back on traders' radars. The bullish momentum combined with Solana's strong technology make me believe there is a good chance the altcoin continues appreciating this year.

What Key Levels Should SOL Bulls Focus On Next?

With Solana trading around $26, bulls are likely to target a move back to the psychological $30 level in the near-term.

Above that, the June swing high around $35 would be the next target. A daily close above $35 would open the door for a test of 2022's peak near $45.

To maintain the bullish trajectory, SOL needs to maintain the 50-day moving average as support, currently around $22.

Closing below this level would negate the short-term uptrend. In that scenario, bears may target the $17.50 - $20 zone of support.

Solana bulls should look for a sustained move above $30 and preferably $35 to confirm the uptrend. Holding the 50-day MA as support is also key. A close below $22 would likely derail the bull run.