Solana price rally risks exhaustion after SOL's 120% pump in two weeks

SOL price has been unable to close above a key resistance level of around $17.50 despite its big rebound in the past two weeks.

Solana price is up an impressive 60% since the new year, partially boosted by hype surrounding meme cryptocurrency Bonk (BONK). However, the SOL/USD pair now shows signs of exhaustion, raising anticipations that the token may see a short-term correction in the coming days.

Solana turns overbought
Solana is one of the best performing cryptocurrencies so far in 2023 after being one of the biggest losers in 2022. 

On Jan. 9, SOL's price jumped to as high as $19.50, or around 120% gains in a recovery rally after sliding below $8 on Dec. 29, 2022.

But the price spike also turned Solana into an overbought asset, per its daily relative strength index (RSI) reading above 70, as shown below.

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