Bullish Solana Pattern Emerges, Hinting at Potential Breakout
- PHPzOriginal
- 2024-07-19 11:51:01936browse
The cryptocurrency market has witnessed a reduction in selling volume, paving the way for bulls to reclaim their dominance. As the markets resumed their northward movement, the Solana (SOL) price soared above $150 after oscillating around the $140 mark for nearly a week.
The cryptocurrency market has seen a decrease in selling volume, allowing bulls to regain control.
As the markets resumed their upward trend, Solana (SOL) price rose above $150 after hovering around the $140 mark for almost a week.
This breakout from the descending trend line indicates increasing bull strength, marking a crucial range for the SOL token.
With this development, the question arises: Will this pave the way for the SOL price to reach the anticipated $200 level?
Bullish Solana Pattern Emerges, Suggesting Potential Breakout
After multiple rebounds from the lower support zone around $125, the SOL price has broken out of an important range. This breakout has formed a bullish pattern, which could lead to a new upward move in the coming days.
While bears are showing less activity at the moment, they are keeping a close eye on the ongoing price action. However, the overall market sentiment has shifted towards bullishness, and the SOL price is expected to begin another bullish stint, possibly rising above the $170 mark soon.
Currently, the SOL price is testing the upper resistance of the descending triangle, which could lead the price towards the upper target after a successful breakout. The Relative Strength Index (RSI) is rising, indicating that the price is expected to reach $175 in a new ascending trend.
However, the possibility of a pullback also hangs over the SOL price rally as bears have started showing strong upward pressure. If the levels are maintained above $150 for the next couple of days, a new base might be set for the token to continue a healthy ascending trend.
This content was originally published on The News Crypto
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