Price: $0.38613 2.1338%
Market Cap: 56.72B 1.7508%
Volume (24h): 8.28B 0.4%
Dominance: 1.7508%
Price: $0.38613 2.1338%
Market Cap: 56.72B 1.7508%
Volume (24h): 8.28B 0.4%
Dominance: 1.7508% 1.7508%
  • Price: $0.38613 2.1338%
  • Market Cap: 56.72B 1.7508%
  • Volume (24h): 8.28B 0.4%
  • Dominance: 1.7508% 1.7508%
  • Price: $0.38613 2.1338%
Home > Information news > Solana Turns Bullish Following Bearish Channel Breakout: SOL Analyst Shares His Short-Term Price Targets

Solana Turns Bullish Following Bearish Channel Breakout: SOL Analyst Shares His Short-Term Price Targets

Release: 2024/05/05 00:21 Reading: 434

Original author:Captain Altcoin

Original source:https://coinmarketcap.com/community/en/articles/663644031f0b9c3fa12f2c1b

A crypto analyst on TradingView, Maximilian_FX, predicts further upside for Solana (SOL) after it broke out from a bearish pattern on the charts. According to Maximilian_FX, SOL/USDT has broken out of a bearish channel formation on the 4-hour time frame, indicating that the bulls are taking control in the near term.

A bearish channel refers to a technical pattern where an asset's price is making lower highs and lower lows between two descending parallel trend lines. A breakout from this pattern to the upside is considered a bullish signal, as it indicates that the selling pressure has diminished and buyers are taking over.

Maximilian_FX notes that Solana maintaining above the former resistance level of this bearish channel, now flipped as support, shows "the next wave of price increases is waiting."

The analyst is targeting an initial move up to $143.88 for SOL, which has now been broken, as the price now trades around $147. Following this, Maximilian_FX states the next major upside target will be to $159.47.

"From the 4-hour chart, SOL/USDT has broken out of the bearish channel, which favors the rising bulls in the short term," he explained. "Accordingly, maintaining at this high level and the technical support shows that the next wave of price increases is waiting."

Solana is a high-performance blockchain focused on scaling via its unique proof-of-history consensus. SOL is currently trading around $147, up over 9% in the last 7 days amidst a broader recovery in the crypto markets.

Hunting for a small cap coin that could explode 10x? We've unveiled a few last week alone. Get all our future calls by joining our FREE Telegram community.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.