Solana

Rise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-price-on-the-rise-towards-250/" data-wpel-link="internal">Solana’s Price on the Rise Towards $250</a><br></p>
<p style="text-align: justify"><a href="https://coin-turk.com/bir-ya-da-birkac-kripto-para-yarisi-kazanacak" data-wpel-link="internal">Crypto currency</a> analysts are observing an increasing bullish trend on <strong>Solana</strong> (<a href="https://en.coin-turk.com/solanas-persistent-rally-analyzing-the-momentum-and-future-projections/" data-wpel-link="internal">SOL</a>) and foresee a potential 50% increase in the near future. Following SOL’s 11% rise in the last 24 hours, many well-known analysts are expressing their bullish expectations. So, what levels are expected for Solana (SOL)?</p> 
<h2 style="text-align: justify" id="solana-s-price-trends-towards-250">Solana’s Price Trends Towards $250</h2> 
<p style="text-align: justify"><a href="https://en.coin-turk.com/19-critical-developments-can-trigger-a-breakthrough-in-cryptocurrencies-important-events-in-the-week-of-august-21-27/" data-wpel-link="internal">Crypto</a> trader Bob Loukas (@BobLoukas) offers an optimistic view, stating that SOL is currently making moves to rise to the $250 level and is acting to increase its forward-looking potential. This assessment is based on a detailed analysis of the weekly SOL/USD chart.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-327474 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/solana-coin-turk-com-1-1.png" alt="" width="597" height="445"></p> 
<p style="text-align: justify">The chart shows that SOL has turned the resistance level around $140 in March 2022 into a solid support zone. This level was previously seen as a strong resistance from the middle of December last year until the beginning of March.</p> 
<p style="text-align: justify">With this resistance becoming support, <strong>SOL</strong> is now preparing for a rise towards the $250 level. This price target is only $10 away from Solana’s all-time high of around $260 in October 2021.</p> 
<h2 style="text-align: justify" id="sol-presents-a-very-positive-outlook">SOL Presents a Very Positive Outlook</h2> 
<p style="text-align: justify">Crypto analyst Byzantine General (@ByzGeneral) contributing to the bullish trend says:</p> 
<blockquote> 
 <p style="text-align: justify">“SOL is showing a very positive outlook. While the price is rising, leverage in the system is actually decreasing. We also see Coinbase making large purchases in the spot market.”</p> 
</blockquote> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-327476 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/solana-sol-coin-turk-com-.webp" alt="" width="1500" height="835"></p> 
<p style="text-align: justify">In particular, not only the SOL/USD charts but also SOL’s chart against <a href="https://en.coin-turk.com/ethereum-dominates-in-q1-revenue-hedera-hashgraph-marks-significant-rise/" data-wpel-link="internal">Ethereum</a>‘s strongest competitor looks extremely strong. According to many analysts, SOL/ETH is preparing for a breakout. Christopher Inks, founder of TexasWest Capital, shares his analysis stating:</p> 
<blockquote> 
 <p style="text-align: justify">“The weekly SOL/ETH chart looks great. While the Stoch RSI is moving up from the oversold zone and threatening a breakout, the RSI has bounced in neutral and is moving towards a bullish crossover. Breaking above the 0.04597 level gives confidence for a rally towards the expected minimum target of 0.07231.”</p> 
</blockquote> 
<p style="text-align: justify">This technical analysis predicts a very positive future for SOL compared to ETH. If this technical formation occurs, SOL is expected to outperform ETH by more than 70%.</p> 
<h2 style="text-align: justify" id="solana-could-regain-leadership-position">Solana Could Regain Leadership Position</h2> 
<p style="text-align: justify">Macro expert Raoul Pal points out that after the recent impressive consolidation in the SOL/<strong>ETH</strong> pair, a breakout could occur and it is likely that SOL will soon regain the leadership position. Pal’s analysis is based on a bullish signal that SOL/ETH has already broken the falling wedge correction formation.</p> 
<p style="text-align: justify">However, while this breakout indicates a potential major breakout against ETH, it is necessary to confirm that this is not a false breakout. Renowned analyst Peter Brandt, commenting on Pal’s analysis, described the formation as a “Classic Schabacker falling wedge correction” and noted that such formations often indicate a potential reversal or continuation of the trend.</p> 
<p style="text-align: justify">The Falling Wedge formation, characterized by approaching trend lines, decreasing volume, and a breakout with increasing volume, indicates that SOL is ready for a significant upward movement in its current formation. At the time of writing, Solana’s price is trading at $168.09.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/solanas-price-on-the-rise-towards-250/" data-wpel-link="internal">Solana’s Price on the Rise Towards $250</a></h5>

Solana’s Price on the Rise Towards $250

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