Solana’s recent market activities suggest a promising continuation of its upward trajectory. Following an initial surge, the digital currency experienced a consolidation phase, which now seems to have concluded. A key support level at $80 has held firm, indicating a potential rally toward the $140 mark, as noted by Michael van de Poppe, CEO of MN Trading.
Cryptocurrency analyst Ali also echoed a positive sentiment in a recent Twitter post, highlighting Solana’s breakout from a descending parallel channel. Maintaining Solana’s position above $94 could set the stage for an advance towards $113.
The cryptocurrency market, currently experiencing a relief rally, has seen Solana demonstrate remarkable resilience. It has sustained its value above the critical $80 level, leading to a significant 20% increase in its price over a mere week. Currently, Solana is trading at $96.72, marking a 1.22% rise in the last 24 hours.
Trading volumes for Solana have surged to $2.32 billion, a 53% increase, signaling a bullish trend in the market. Currently ranked 5th on CoinMarketCap, Solana boasts a live market cap of approximately $42 billion. With a circulating supply of 433 million SOL coins, the currency has shown significant strength, particularly over the weekend, when it surpassed the $95 support level.
If Solana can break through this resistance, it may surpass the $126 level. This scenario is supported by an analysis of the daily timeframe chart, which shows a potential completion of a bullish pattern, often seen at the tail end of major bear markets. This pattern indicates a possible major trend reversal for Solana.
The technical indicators for Solana are currently painting an optimistic picture. The daily Relative Strength Index (RSI) is hovering above the 50 mark, suggesting a shift towards bullish momentum. The Chaikin Money Flow (CMF) index is trending at 0.07, further supporting the bullish outlook. Additionally, positioning the 20 Exponential Moving Average (EMA) above the 50-EMA suggests the potential for further gains.
