Where The Solana (SOL) Price Is Headed Next
- PHPzOriginal
- 2024-06-25 15:57:27288browse
The market is showing signs of recovery today after a sluggish start to the week. Among the top altcoins experiencing a surge, Solana (SOL) stands out with a 9% increase in the last 24 hours.
Solana (SOL) price experienced a significant surge today, leading the altcoin recovery amid a sluggish start to the week.
Currently trading above $136, SOL price surged nearly 9% in the past 24 hours. This price movement attracted the attention of many crypto traders.
Solana Price Analysis
SOL price showcased resilience by maintaining crucial support around the $126 level this week. This support zone proved significant, as the price bounced back from similar levels in mid and late April when the market was in a downturn.
At the time of writing, SOL price is trading at approximately $136.3, indicating a 9% gain over the past day. This upward movement becomes particularly interesting when we examine the larger time frame.
Zooming out on the SOL chart, we can observe that the price has been trading within an ascending triangle pattern since last October, when SOL was below $20. This pattern suggests a potential continuation of the upward trend.
Currently, SOL price is approaching the B wave of this triangle formation. Based on this pattern, the next price target could be in the $150 area. This level coincides with the upper boundary of the ascending triangle and could act as a resistance zone.
It’s also worth noting that the 200-day moving average is still below the current SOL price, sitting at around $133. This indicates that SOL is trading above its long-term average, which is generally considered a bullish signal.
The Relative Strength Index (RSI) is currently at 58, suggesting moderate buying pressure. While not in overbought territory, this level indicates growing momentum in SOL’s favor.
Interestingly, just this morning, the MACD (Moving Average Convergence Divergence) line crossed above the MACD signal line. This crossover is a bullish signal and it indicates the start of a new uptrend or the continuation of the existing one.
Read also: Bitcoin Price Analysis: Is BTC Set for a Bullish Reversal or Further Decline? Key Levels to Watch
SOL Price Prediction
Taking into account the technical analysis and price action we observed, here are some educated guesses for SOL price forecast:
Conclusion
As we observed, Solana’s recent price surge led the altcoin recovery today.
But let’s be real – trying to predict crypto prices is like attempting to guess what a cat will do next. One minute SOL’s purring contentedly at $136, the next it might be clawing its way to $1
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