$1,400 On The Horizon? Solana Breach Of $200 Excites Analysts
10 Novembre 2024 - 6:00PM
NEWSBTC
Solana, the leading Layer 1 blockchain platform, has at last
overcome the critical $200 barrier, giving investors new hope. This
milestone feeds expectations of more price increases and marks a
turning point following a period of consolidation. Some optimistic
market onlookers are viewing this price action as a sort of
launching pad for long-term bullish trends. If the price breaks
above the $200 level, Rekt Capital pointed out, the months-long
downtrend of Solana might finally be over. Additionally, he said,
for SOL’s advance to be fully absorbed, it must close the week
above $202. $SOL Solana didn’t wait for the Weekly Close and just
broke out straight to $202 resistance (red) The multi-month
Downtrend is over (blue) And Solana is a Weekly Close above $202
(red) away from kickstarting a rally into $200+#Solana #SOL #BTC
https://t.co/8If7EtMDK7 pic.twitter.com/1T9XVPQyQO — Rekt Capital
(@rektcapital) November 8, 2024 Related Reading: SEC Shake-Up:
Robinhood Legal Boss On Shortlist For Top Spot—Report Technical
Indicators Reinforce Bullish Sentiment Several technical indicators
are still confirming the positive tone, which prevails in Solana.
Both the 50-day and 100-day Exponential Moving Averages are below
the current price, displaying consistent upward movement with
strong support in the last retracements, while the bullish
crossover provides more significant reasons to continue the
short-term up the medium-run channel. Its MACD recently crossed
above the signal line, indicating that this upward movement might
continue. Momentum is also provided by CMF as it shows a reading of
0.17. It represents the buying pressure, which is strong enough
because the capital inflow is more than the outflow and hence
indicates that investors are even more interested in the stock. The
Relative Strength Index is an additional indicator that supports
the present price movement of Solana. This indicates that SOL has
adequate leeway for additional growth even if it is nearly at its
overbought range. Together, the technical indications should
provide a strong basis, indicating that Solana’s upward trend may
continue as long as volume and investor sentiment are sustained.
Potential Resistance And Future Market Projections While the
performance of Solana in recent days looks good, it reaches a
possible resistance point close to its former all-time high of
$260. Market observers say that if SOL could continue its momentum
and surpass this mark, buyers looking for a good entry opportunity
for the bullish momentum may return to the market. Analyst CROW
finds optimism in this argument and thinks that this may take it as
high as $800 in 2024 as Solana has already taken from $25 to $260.
Related Reading: Bitcoin Open Interest Soars As Top Crypto Breaks
$76,000 – Details #Altcoins #SOL at $200 and Breaking Out! 💥 A
MASSIVE Bull Flag is unfolding on #Solana. 🚀 Target: $1,400 🎯
pic.twitter.com/eQyYyn33cm — Titan of Crypto (@Washigorira)
November 8, 2024 However, other analysts recognize a “Bull Flag”
pattern in the weekly chart of Solana. This is typical for a
breakout following some consolidation. Since SOL broke up above
$200, Titan of Crypto might call for a $1,400 target, which speaks
well for the strong faith of the market in the long-term
performance of Solana. Given all the technical indicators and
analyst calls, there may be scope for further upside. With
continued investor interest and healthy trade volumes, SOL will
most likely test its recent all-time high of $260 or more in the
next few weeks. Featured image from SOPA Images / Getty Images,
chart from TradingView
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