Solana (SOL) Price Prediction: SOL Primed for Another 10% Jump Before the End of the Month
- WBOYOriginal
- 2024-07-20 22:11:31494browse
The markets are heading towards the last week of trade of the month and hence it is expected to be more volatile. Although the month began on a bearish
Markets are heading towards the last week of trade for the month and hence it can be expected to be more volatile. While the month began on a bearish note, the tokens are speculated to end the trade with significant gains. Solana also faced a 22% drop in the first few days of the month but the token recovered the loss and was raised by over 10%. However, the current trade setup suggests the SOL price is primed for another 10% jump before the end of the month.
Solana has been receiving massive attention, irrespective of the current market trend, which has been fluctuating at very small intervals. As a result, the SOL price remained elevated after triggering a strong rebound from the lows. The latest price action has assisted the token to rise above the pivotal resistance range, which raises the possibility of an extended ascending trend for the next few weeks.
The current trade set-up suggests the SOL price has overcome the bearish pressure as the price breached the resistance of the descending parallel triangle. While the bulls failed to rise above the upper resistance at $172, they revived the possibility of marking $200 in the next few days. Mainly because the Ichimoku cloud has turned bullish after remaining bearish for nearly a month. Secondly, the on-balance volume (OBV) continues to maintain an ascending trend, which suggests more upside potential for the token.
The bulls appear to be facing some exhaustion at the moment, but a strong ascending trend is expected to be revived during the weekend. With this, a bullish close above $175 may materialize, which can pave the way for a bullish close for the month above $200. Previously, the bulls faced a huge drop in strength above $200, which caused a serious pullback. Therefore, now that the Solana (SOL) price is on an ascending trajectory, marking new yearly highs above $250 to $275 seems imminent.
The above is the detailed content of Solana (SOL) Price Prediction: SOL Primed for Another 10% Jump Before the End of the Month. For more information, please follow other related articles on the PHP Chinese website!