Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst
14 Novembre 2024 - 11:30PM
NEWSBTC
Solana recently broke its yearly high at $210, sparking a surge in
trading activity as the altcoin now attempts to consolidate above
this key level. This period of volatile price action highlights
Solana’s strong position within the market, as investors watch for
signs of a further breakout. Top analyst and investor
Immortal recently shared an insightful technical analysis comparing
Solana’s chart to Bitcoin’s historical price movements, suggesting
that Solana’s next breakout may be imminent. Related Reading:
Bitcoin Weekly RSI Entering Power Zone – Last Time BTC Soared 80%
As the market reaches new highs, Solana’s ability to hold above
$210 could indicate strength, drawing in additional interest from
retail and institutional investors. In the coming days, Solana’s
price action will likely clarify whether this consolidation phase
is merely a pause before a more substantial move. With the
broader crypto market reaching unprecedented levels, Solana is
positioned at a critical juncture, and traders will closely monitor
its performance for signs of a continuation of its upward
trajectory. Solana Preparing For A Rally Solana appears poised for
a significant rally, having broken out of an 8-month accumulation
phase that began in March. This critical development has caught the
attention of top analyst and trader Inmortal, who shared an
analysis on X, comparing Solana’s recent chart patterns to those of
Bitcoin. His technical perspective suggests that Solana mirrors
Bitcoin’s past price movement and could be on the cusp of a
substantial surge. Following its break above the yearly high of
$210, Solana’s next target is likely to be its all-time high of
$258. This level is viewed by many as a critical resistance, and a
successful test could pave the way for even greater price gains.
The breakout from such an extended accumulation phase has bolstered
confidence in Solana’s bullish structure, and the market is closely
watching for signs of sustained momentum. The timing of this
potential move is also strategic. As Bitcoin consolidates just
below its all-time high, a period of stability could provide the
perfect window for altcoins, particularly Solana, to gain traction.
This pause in Bitcoin’s rally allows liquidity to shift toward
other strong projects, positioning Solana well for a possible
continuation of its upward trend. Related Reading: Dogecoin Could
Target $2.4 If Price Aligns With Macro Pattern – Details The next
few days will be pivotal for Solana as traders look to see if it
can sustain support above $210. If Solana holds this level and
momentum remains, a push toward the $258 all-time high could unfold
rapidly, further solidifying its role as a leading altcoin in the
market’s current bull phase. SOL Testing Last Supply Levels
Before ATH Solana is currently trading at $220, having broken its
yearly highs, yet it’s now encountering some volatility as traders
assess the next move. With SOL just 17% away from its all-time high
of $258, many are watching closely to see if it can sustain this
momentum without giving traders any lower entry points. The $210
support level is particularly crucial in the coming days. If SOL
fails to hold above this mark, a short-term correction could drive
prices lower, potentially offering some breathing room for buyers
looking to enter before the next rally. However, should SOL remain
steady above $210, the likelihood of a rapid push to new highs
becomes even stronger, as it signals ongoing bullish strength in a
market eager for upward movement. Related Reading: Ethereum Weekly
Volume Hits $60 Billion As ETH Aims For Yearly Highs As Solana
continues to consolidate at these elevated levels, a decisive break
could ignite a swift rally, drawing in both retail and
institutional interest. Traders are preparing for either outcome: a
brief correction as a buying opportunity, or a breakout that takes
Solana into uncharted territory, setting new highs and reaffirming
its place among top-performing altcoins this cycle. Featured image
from Dall-E, chart from TradingView
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