Solana (SOL) has been in the spotlight recently due to increased market activity and bullish momentum.
Ascending Triangle which is a continuation pattern. Most traders wait for a breakout but Swing traders could trade between the trendlines as long as the trendlines are still relatively far apart.
Below is an in-depth analysis of Solana’s price performance, technical indicators, and recent news.
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Solana Price Analysis
- Latest Price: $165.55
- Market Cap: $76.79 billion
- 24-Hour Trading Volume: $5.41 billion
- Circulating Supply: 464.71 million SOL
- Total Supply: 491.56 million SOL
- Year-to-Date (YTD) Return: 51.18%
Bullish breakout from Ascending Triangle, above the triangle resistance of $160, could see the price revisit $190 for +20% upside potential. Stop Loss at $147.
Weekly Price Analysis
Over the past week, Solana has experienced a 6.4% price increase. The highest price recorded in the past 7 days was $171.66, while the lowest dipped to $159.54. This marks a solid upward trajectory, with SOL breaking past resistance levels.
Trend: Short-term trend is Strong Up, Medium-term trend is Up, Long-term trend is Down.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $120.00, then $100.00. Nearest Resistance Zone is $190.00.
Indicators and Technical Analysis
- Moving Averages: SOL’s 50-day moving average has been trending upward, confirming the current bullish momentum.
- RSI (Relative Strength Index): The RSI stands in a moderate zone.
- Cup-and-Handle Formation: On the daily chart, Solana is showing a “cup-and-handle” pattern, often a precursor to significant upward movements, which could potentially lead to a 2,000% rally.
News Roundup
- Solana Staking Rewards: VanEck introduced staking rewards for European Solana Exchange Traded Note (ETN) investors.
- Memecoin Craze: Solana’s ecosystem has seen a spike in activity thanks to memecoin rallies. Some Solana-based projects, including new memecoins, have driven transaction volumes up.
- Institutional Adoption: Major financial players like Visa and Shopify are integrating with the Solana network.
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