Solana Price Prediction: The rising SOL price gave a massive breakout from the channel pattern signaling the potential for further gains.
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Solana Price Prediction: Bucking the trend of market uncertainty, largely fueled by the ongoing consolidation phases in leading cryptocurrencies Bitcoin and Ethereum, the SOL price has been on an aggressive upward trajectory. The coin has notched four consecutive days of gains, marking a 25% increase to arrive at its current trading price of $39.38. Notably, this rally has broken through the resistance trendline of a long-standing channel pattern, signaling that buyers are gearing up for an even more substantial uptrend.
Is SOL Price Heading to $50?
- The rising channel pattern leads the ongoing uptrend in SOL price
- A potential breakout from the overhead trendline will accelerate the bullish momentum
- The 24-hour trading volume on the Solana coin is $1.6 Million, indicating a 28% gain.
Over the past seven weeks, the Solana price has witnessed a parabolic rally of 128%, leaping from $17.4 to its present value of $39.54. The coin price not only broke out decisively from the resistance trendline of a channel pattern on October 31, but it also projects that buyers are keen on fueling a more robust rally.
This bullish momentum is likely bolstered by two key factors: the recent launch of the ‘Gameshift’ Beta by Solana Labs, aimed at simplifying the development of blockchain games, and a wave of short liquidations since last week as indicated by Coinglass data.
Moreover, with an intraday gain of 3%, the SOL price has shattered a multi-month resistance at $1.89, offering traders a promising follow-up to the channel pattern breakout. Based on this pattern’s dynamics, this altcoin appears set for another 37% growth, targeting the $1.54 level.
Is Current Recovery Sustainable?
While the prevailing sentiment for the Solana coin is overwhelmingly bullish, a minor pullback to gather momentum should not be ruled out. Such a retracement would likely retest the newly breached trendline, serving as a gauge for the asset’s ability to sustain higher price levels. If the coin successfully maintains this support, its recovery trend could well continue toward the aforementioned targets.
- Directional Movement Index: The widening spread between the DI+ and DI- lines in a bullish crossover state underscores the aggressive buying activity
- Exponential Moving Averages: The rising 20 EMA curve may act as a strong pullback support.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.