Solana (SOL) Flashes Promising Signs of a Potential Price Surge, Historically Bullish Pattern Emerges
- 王林Original
- 2024-09-09 18:10:141172browse
Despite a generally bearish market, Solana (SOL) is showing promising signs that it might experience a significant price surge.
Solana (SOL) might be preparing for a significant price surge despite the broader bear market. The cryptocurrency is consolidating around a critical support level.
A closer examination of SOL’s technicals reveals a bullish divergence in its Relative Strength Index (RSI). This occurs when the price forms lower lows while the RSI forms higher lows, a sign that momentum could be shifting from a downtrend to an uptrend.
Interestingly, when SOL reaches its current support level, it often experiences substantial price increases. According to some analysts, this pattern could push SOL’s price up to around $160, which would be a potential rise of up to 25%.
To provide some context, Solana is currently trading at around $125. Its price has been trading sideways for the past few days after a brief rally last week. The cryptocurrency is still down by more 80% from its all-time high of $580, which it hit in early April.
Meanwhile, the broader cryptocurrency market is showing signs of recovery after a sell-off last week. Bitcoin is trading above $54,000, while the Fear and Greed Index has risen to 26, signalling fear.
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