Solana is a buy candidate for a potential target of $200 and then subsequently $250 and $310.
Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend.
Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle.
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Solana Price Analysis
- Current Price: $27.45 USD
- Market Cap: $9.75 billion
- 24-Hour Trading Volume: $621 million
Price has regained 200-day moving average, which is a sign of long-term Uptrend. Bullish breakout from Descending Triangle and above $160 resistance could be followed by an upswing to $200 (target). Price is retesting that breakout. Stop Loss at $154.
Weekly Price Analysis
Over the past week, Solana has experienced a notable fluctuation in its price, reflecting broader market trends and specific developments within the Solana ecosystem.
- July 19: $25.60
- July 25: $27.45
- Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up and Long-term trend is Up.
- Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $125.00, then $100.00. Nearest Resistance Zone is $200.00.
News Roundup
- OKX Wallet Integration: OKX has integrated with Stabble, Solana’s first frictionless liquidity and trading layer. This integration enhances Solana’s trading ecosystem, making it easier for users to engage with decentralized exchanges.
- Solana Blockchain Milestone: Solana has surpassed 10 million weekly active users for the first time.
- Staking Activity: Significant staking activity has been observed, with whales staking $41 million in just two days. This has bolstered market confidence and pushed the price closer to a 50% breakout rally.
Expert Price Predictions
- CoinPedia: Predicts a potential high of $500 by the end of 2024.
- Binance: Suggests a range with a potential low of $90 and a high of $500 for 2024.
For ongoing updates and detailed analysis, keep an eye on reliable sources such as CoinPedia, Binance, and official Solana news channels.
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