Solana

<ul>
 <li>Solana (SOL) price is displaying strength, maintaining its position above the bullish range and hinting at a potential breakout and rally towards $1,000.</li>
 <li>The current trade setup suggests bullish accumulation, with the SOL price expected to close the monthly trade on a positive note.</li>
 <li>Technical analysis and chart patterns indicate an imminent breakout, although the accumulation phase is not yet complete.</li>
</ul>
As the cryptocurrency markets approach the close of the month and the conclusion of the first half of the year, certain tokens, particularly <a href="https://thenewscrypto.com/?s=Solana" target="_blank" rel="noopener noreferrer nofollow">Solana </a>(SOL), are exhibiting remarkable resilience.
The <a href="https://thenewscrypto.com/?s=SOL" target="_blank" rel="noopener noreferrer nofollow">SOL </a>token has managed to maintain its position above the bullish range, indicating that the price could soon experience a significant influx of buying volume, potentially reigniting a strong upward trend in the near future.
Despite the likelihood of Solana closing the weekly trade on a positive note, the token is expected to remain consolidated for an additional period of time.
<h2 class="wp-block-heading" id="h-current-solana-trade-setup-suggests-bullish-accumulation">Current Solana Trade Setup Suggests Bullish Accumulation</h2>
The current trade setup indicates that bulls are accumulating gains, as the price has been fluctuating within a narrow range since the token surpassed and established support at the $144 level. With the SOL price ranging high since the start of the day’s trade, the token is anticipated to close the monthly trade on a bullish note, having already confirmed the bottoms.
Solana is currently consolidating and forming a pattern reminiscent of a previous formation that resulted in a massive rise of nearly 1,000%, propelling the token to its all-time high (ATH) of $260.
A closer examination of Solana’s historical chart reveals that the token is mirroring a price action similar to the one it experienced just before the commencement of the 2021 bull run. The accumulation pattern bears a striking resemblance, and the Relative Strength Index (RSI) is also ranging in an identical manner.
Moreover, the trading volume has been slashed in a fashion that closely resembles the previous pattern, emitting strong bullish signals for the cryptocurrency. The pressing question that arises is whether Solana will indeed make it to the $1,000 mark.

Solana (SOL) Price Displays Strength, Hinting at Potential Breakout Towards $1,000

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TheNewsCrypto

Інші статті, опубліковані 28 черв. 2024 р.

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