Solana Eyes $200: Bullish Momentum Grows as Network Fundamentals Strengthen
Solana (SOL ) is gaining significant attention in the crypto market as it approaches a key resistance level, fueled by strong technical indicators and promising network fundamentals. As of August 14, 2024, SOL is trading around $147, showing a modest increase over the past 24 hours. The cryptocurrency has experienced consistent price action, with market analysts now predicting a potential rise to $200 if current trends continue.
Technical Analysis: Solana has been forming lower highs and lows, a pattern typically indicating bearish control. However, recent market movements suggest a potential shift. The price is currently testing crucial resistance levels between $152 and $158, with the possibility of breaking through to $160 or even $200 if buying pressure intensifies. A bullish crossover is anticipated as both levels of the Ichimoku cloud converge, indicating that SOL could maintain its upward momentum​ ( Cointelegraph )​ ( Coinpedia Fintech News ).
Additionally, analysts highlight the formation of a bullish continuation pattern known as a bull pennant on the daily chart. This pattern suggests that if SOL can break above the upper trendline, it could achieve a 75% increase, pushing the price towards $200. However, a failure to break this pattern could see the price retreat to around $60, making this a critical juncture for SOL​ ( Cointelegraph ).
Read More: https://onthenode.com/cryptocurrency/solana-eyes-200-bullish-momentum-grows-as-network-fundamentals-strengthen
Solana (SOL ) is gaining significant attention in the crypto market as it approaches a key resistance level, fueled by strong technical indicators and promising network fundamentals. As of August 14, 2024, SOL is trading around $147, showing a modest increase over the past 24 hours. The cryptocurrency has experienced consistent price action, with market analysts now predicting a potential rise to $200 if current trends continue.
Technical Analysis: Solana has been forming lower highs and lows, a pattern typically indicating bearish control. However, recent market movements suggest a potential shift. The price is currently testing crucial resistance levels between $152 and $158, with the possibility of breaking through to $160 or even $200 if buying pressure intensifies. A bullish crossover is anticipated as both levels of the Ichimoku cloud converge, indicating that SOL could maintain its upward momentum​ ( Cointelegraph )​ ( Coinpedia Fintech News ).
Additionally, analysts highlight the formation of a bullish continuation pattern known as a bull pennant on the daily chart. This pattern suggests that if SOL can break above the upper trendline, it could achieve a 75% increase, pushing the price towards $200. However, a failure to break this pattern could see the price retreat to around $60, making this a critical juncture for SOL​ ( Cointelegraph ).
Read More: https://onthenode.com/cryptocurrency/solana-eyes-200-bullish-momentum-grows-as-network-fundamentals-strengthen
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