The fifth largest cryptocurrency by market cap, Solana (SOL), has once again come into the limelight since it saw a significant breakout in its price recently. The token rose by over 10% amid the Federal Reserve rate cuts, once again drawing the attention of investors and getting all the talk about its price breakout.
Since has reached the $151 mark after weeks of trading in the narrowed range of $130 to $139, analysts are now keeping an eye on what is going to come next.
The fact that the recent rally by SOL already has many traders hoping that it might actually be sustainable leaves much to do. Indeed, the token had been stuck below the strong resistance levels of $140, trying to break them for a few days before the rally.
This policy change may have been exactly what Solana needed to break two-month declines and push for broader market adoption. Can Solana sustain this momentum or is the rally short-lived? investors ponder on their next moves.
SOL is currently trading at $148.56. Chart:
Technical Indicators And Breakout Potential
Currently, Solana’s technical indicators are strengthening considerably. Many experts believe that it should do great in the coming days. Crypto analysts stated that SOL has shown reasonable toughness given the immense performance against most altcoins on higher timeframes.
is poised for a breakout to $150, but the bulls need to hold $138.
If successful, the next targets are $160 and potentially $180-$200.
A correction below $120 could lead to a drop toward $105.
— Yuriy 🔶 BikoTrading | OrderFlow Trader (@Yuriy_Biko)
SOL has broken above the 50-day simple moving average. The coin also cruised through a high level of resistance, which translates to a 7% increase for the day, crypto analyst Yuriy said while expecting SOL to breach the levels at $160 with targets aimed at $180 or even $200. He also cautioned, though, that key support remains at $138, and if that level succumbs, prices could easily fall back to $120.
Attention all cryptomaniacs.
Looks like held support at $120
This could become a rectangle capable of launching a sizable advance
— Peter Brandt (@PeterLBrandt)
Another veteran trader, Peter Brandt, echoed similar sentiments when he said that $120 has long-term support. The altcoin has been consolidating in a rectangle pattern on the daily chart, and the price of $120 becomes the lower limit of the range since mid-April. Thus, holding this position could become a springboard for a “sizeable advance.”
Market sentiment is cautiously optimistic around Solana as there’s a . At a neutral 54, the Fear & Greed Index displays a bit of caution among the traders, though it is easily seen that Solana’s last few days have at least calmed jitters down a bit. Solana managed to spend 14 of its last 30 days in the green, which indicates its resilience well.
Meanwhile, price volatility in the token floats at 6.60% thereby implying that even though changes are anticipated, the overall ascending trend seems to be good. Investors who were crossing their fingers and waiting for the perfect moment to enter the market may find this is the opportune time since Solana has been keeping significant momentum.
Featured image from BitGet, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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