Solana Might Soon Be Back In The Triple Digits.

Solana has grown by more than 15% in the last week. Nonetheless, the Layer 1 network has yet to overcome resistance. Cutting through $93 might result in an increase of $120.

Solana Might Soon Be Back In The Triple Digits.

Solana has hit a critical resistance level as it tries to catch up to other Layer 1 currencies like Avalanche, which have risen by more than 35% in the last week. Several technical signs point to SOL perhaps poised to break out.

Solana looks to be on the verge of a breakout, as its price movement is sending out many positive indications.

Over the last week, the market value of the Layer 1 network’s SOL token has increased by more than 15%, taking it to the $93 resistance level. This stumbling block is crucial for Solana since it is located near the descending trendline of a wedge that has been building on the company’s daily chart.

A decisive candlestick close over $93 may indicate a breakout from the consolidation pattern. In such a case, sidelined investors may re-enter the market, sending SOL up by nearly 34% to $120.

SOL

Within the same timeframe, SOL’s price looks to be forming a positive divergence versus the Relative Strength Index. While Solana has been reaching lower lows, the RSI has been making higher highs. Such market activity suggests increasing upward momentum, lending weight to the bullish forecast.

Still, Solana will most likely require a daily closing over $93 to prove the bullish argument. If it fails to break through this resistance level, the asset may decline to the wedge’s descending trendline at $75.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News

Victor

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

55 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

60 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

1 hour ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

3 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

4 hours ago

This website uses cookies.