CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
NewsBTC 2024-03-14 08:50:58

Solana (SOL) Price Primed For 50% Leap: Experts Turn Bullish

Crypto analysts are turning increasingly bullish on Solana (SOL), with forecasts suggesting a potential 50% surge in the near future. Following SOL’s 11% surge in the past 24 hours, several renowned analysts came forward to express their bullish stance. Solana Price Poised For Rally Towards $250 On X, crypto trader Bob Loukas (@BobLoukas) has provided an optimistic outlook, stating, “SOL now based and fuel up for leg to $250.” This statement is based on a thorough analysis of the weekly SOL/USD chart. The chart exposes that SOL has transformed its March 2022 resistance level of around $140 into a robust support zone. Previously, this level served as a strong resistance from mid-December last year until the beginning of March. Related Reading: Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium By converting this resistance into support, SOL is now poised for a rally towards $250. This price target is just $10 shy of Solana’s all-time high at around $260 from late October 2021. Adding to the bullish sentiment, crypto analyst Byzantine General (@ByzGeneral) remarked, “SOL looks pretty good to me. Leverage in the system has actually gone down while price is up and at the same time Coinbase has been buying a lot of spot.” Notably, not only the SOL/USD charts look ultra strong, but also the chart of SOL against its most fierce competitor in the fight for the superior layer-1 network, Ethereum. According to several analysts, SOL/ETH is primed for a major breakout. Christopher Inks, the founder of TexasWest Capital, shared his analysis, noting, “SOL/ETH on the weekly looks amazing. It doesn’t get much better than this with the wedge breakout while Stoch RSI is crossing bullishly in oversold and threatening to break out and RSI has bounced at neutral and is nearing a bullish cross. Breaking out above 0.04597 adds confidence to the rally toward a minimum expected target of 0.07231.” Related Reading: UNIBOT Crashes 37% Following End Of Cooperation With Solana Team This technical breakdown suggests a very optimistic future for SOL in comparison to ETH. If this technical setup plays out, SOL could outperform ETH by more than 70%. Macro expert Raoul Pal has also chimed in, stating, “SOL/ETH is looking like a breakout after a perfect consolidation… SOL is likely to take the lead again soon.” Pal’s analysis is based on a falling wedge correction pattern, a bullish signal, which SOL/ETH has already broken out from. However, it is important to note that this breakout needs to be confirmed to avoid being considered a fakeout, indicating a potential major breakout against ETH. Renowned trader Peter Brandt, commenting on Pal’s analysis, identified the pattern as a “Classic Schabacker falling wedge correction,” a bullish signal typically indicating a potential reversal or continuation of the trend. The Falling Wedge pattern, characterized by converging trend lines, decreasing volume, and a breakout with increased volume, suggests that SOL’s current pattern positions it for significant upward movement. At press time, SOL traded at $168.59, surpassing the 0.618 Fibonacci retracement level in the weekly chart. Featured image from Shutterstock, chart from TradingView.com

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta