Cardano

Solana

Bitcoin

Solana Price Prediction: Amid the <a href="https://coingape.com/bitcoin-futures-see-unprecedented-38b-open-interest/" rel="noopener noreferrer nofollow">Bitcoin</a> consolidation around $70000, the crypto market witnessed heightened volatility shifting the price trajectory of major altcoins sideways. The <a href="https://coingape.com/heres-why-solana-sol-price-is-rising-today/" rel="noopener noreferrer nofollow">Solana coin</a> not immune from this uncertainty showcases a lateral movement reasoning within two converging trendlines. The 4-hour chart reveals this movement as pennant pattern formation- a common structure that buyers use to recuperate the exhausted bullish momentum.
Also Read: <a href="https://coingape.com/issuance-swiss-unveils-ethereum-solana-and-cardano-etps-with-staking/" rel="noopener noreferrer nofollow">Issuance.Swiss Unveils Ethereum, Solana, and Cardano ETPs with Staking</a>
<h2 id="b-investor-confidence-peaks-as-solana-s-open-interest-crosses-3-billion-b">Investor Confidence Peaks as Solana’s Open Interest Crosses $3 Billion&nbsp;</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/4/4sUZ47VS.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
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 Solana Price Prediction| Tradingview
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For the past two weeks, the <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> strictly resonated within two converging trendlines of a pennant pattern. This chart structure represents a post-rally consolidation meant to stabilize the overbought asset and prepare for the next leap.
On March 29th, the <a href="https://coingape.com/markets/solana-price-prediction-sol-close-to-25-rally/" rel="noopener noreferrer nofollow">SOL price</a> gave a bullish breakout from triangle resistance signaling the renewed recovery sentiment among traders. The post-breakout rally pushed the coin price 3% higher to currently trade at $196.
With a market of $3.57 Billion, the Solana coin maintains its position as the fifth-largest cryptocurrency.
If the breakout sustains, the crypto buyers may drive a 21% rally to hit the $238-$240 milestone.
During the recent uptick, the open interest for Solana has rebounded to over $3 billion, as per the data from Coinglass. This resurgence in open interest suggests a growing confidence among investors, hinting at increased market activity and speculation in anticipation of potential price movement.
<img decoding="async" class="aligncenter size-full wp-image-188874" src="https://coingape.com/wp-content/uploads/2024/03/image_2024-03-30_20-20-38.png" alt="SOL Futures Open Interest (USD) " width="1523" height="431" srcset="https://coingape.com/wp-content/uploads/2024/03/image_2024-03-30_20-20-38.png 1523w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-30_20-20-38-300x85.png 300w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-30_20-20-38-1224x346.png 1224w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-30_20-20-38-768x217.png 768w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-30_20-20-38-150x42.png 150w" sizes="(max-width: 1523px) 100vw, 1523px">
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: For over a month, the 100 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> slope for 4 hours has offered suitable support to coin buyers during market pullback, indicating a crucial level for buyers to defend.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope uptick at 18% with a pennant pattern breakout, signaling the buyers have sufficient momentum to drive a prolonged recovery.</li>
</ul>
The post <a href="https://coingape.com/markets/solana-price-prediction-breakout-puts-sol-to-240-target/" rel="noopener noreferrer nofollow">Solana Price Prediction as Triangle Breakout Puts $SOL on Path to $240 Target</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Prediction as Triangle Breakout Puts $SOL on Path to $240 Target

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