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<p>The post <a href="https://coinpedia.org/price-analysis/breakout-alert-solana-price-prediction-for-august-7/">Breakout Alert! Solana Price Prediction for August 7</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>After a massive price crash, the overall cryptocurrency market has experienced a significant upside move in the last 24 hours. Amid this, Solana (<a href="https://markets.coinpedia.org/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) the world’s fifth-biggest cryptocurrency has gained massive attention from crypto enthusiasts following its substantial price surge.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-breakout-in-solana-sol"><strong>Breakout in Solana (SOL)</strong></h2> 
<p>During the price crash, SOL reached the lowest level of $109.66. Since then, it has experienced a notable price surge of over 33%. However, this price surge has caused a crucial breakout of the $145 level in the 4-hour time frame.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-solana-price-prediction"><strong>Solana price prediction</strong></h2> 
<p>According to expert technical analysis, SOL looking bullish as it is trading above the 200 <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) and recently gave a breakout of a crucial resistance level of $145.&nbsp;</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/08/07020733/SOLUSDT_2024-08-07_01-44-18.png"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/07020733/SOLUSDT_2024-08-07_01-44-18-1024x448.png" alt="" class="wp-image-335427" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/07020733/SOLUSDT_2024-08-07_01-44-18-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/07020733/SOLUSDT_2024-08-07_01-44-18-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/07020733/SOLUSDT_2024-08-07_01-44-18-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/07020733/SOLUSDT_2024-08-07_01-44-18-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/07020733/SOLUSDT_2024-08-07_01-44-18-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/07020733/SOLUSDT_2024-08-07_01-44-18.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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</figure> 
<p>Following this breakout, there is a high chance it could soar another 10% to the $161 level. However, if investors’ interest and market sentiment remain bullish then SOL could soar to $185 to its next resistance level.&nbsp;</p> 
<p>This breakout and this surge in open interest will be potentially responsible for the upcoming bullish rally in the coming days.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-sol-price-analysis"><strong>SOL price analysis</strong></h3> 
<p>At press time, SOL is trading near $147 and has experienced a notable price surge of over 15% in the last 24 hours. Despite this massive price surge, its trading volume has dropped by 56% during the same period.</p> 
<p>Meanwhile, SOL’s open interest (OI) has skyrocketed by over 17%, in the last 24 hours. This significant surge in OI indicates higher interest from investors and whales.</p> 
<h3 class="wp-block-heading" id="h-solana-outperforms-btc-eth-and-bnb"><strong>Solana outperforms BTC, ETH, and BNB</strong></h3> 
<p>With its massive price surge, SOL has outperformed top assets including Bitcoin (BTC), <a href="https://coinpedia.org/price-analysis/buy-or-sell-signal-ethereum-whales-purchase-340-mln-of-eth/" target="_blank" rel="noreferrer noopener">Ethereum (ETH)</a>, and BNB (BNB) in terms of price increase. According to coinmarketcap, SOL has experienced a price jump of over 15%, whereas, BTC, ETH, and BNB have seen only 7%, 4.5%, and 7.5%, respectively, in the last 24 hours.</p> 
<h3 class="wp-block-heading" id="h-sol-s-major-liquidation-level"><strong>SOL’s major liquidation level</strong></h3> 
<p>As of now, SOL’s major liquidation levels are at $136 on the lower side and $153 on the upper side, according to an on-chain analytic firm <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noreferrer noopener nofollow">CoinGlass</a>.</p> 
<p>If the market sentiment remains unchanged and SOL soars to the $153 level, nearly $86 million worth of short positions will be liquidated. Conversely, if sentiment changes and SOL falls to the $136 level, nearly $162.5 million worth of long positions will be liquidated.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/neiro-ethereum-soars-45-despite-vitalik-buterins-massive-sell-off/" target="_blank" rel="noreferrer noopener">Neiro Ethereum Soars 45% Despite Vitalik Buterin’s Massive Sell-Off</a></p>

Breakout Alert! Solana Price Prediction for August 7

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