🌟 Solana: The Sleeping Giant of Crypto Ready to Explode? 🚀
Solana (SOL) has been one of the most explosive large-cap cryptos this bull market, and its price has been steady for the past 14 weeks. Is this a period of calm before another storm, or are we in for more consolidation?
Solana's Incredible 1,100% Surge 🌟
Dubbed the "Ethereum killer," Solana is fast, cheap, and poised to dominate layer 1 networks. Ethereum, of course, may have something to say about that, especially with Solana’s Fire Dancer validator client expected to launch later this year.
From a price perspective, Solana is leading the way. A staggering 1,100% price increase from September 2023 to mid-March 2024 shows that $SOL is a force to be reckoned with.
Consolidation Phase: Building for the Next Surge 🔄
After its meteoric rise, $SOL needed a breather, mirroring the broader crypto market. This period of consolidation is crucial to reset prices and build a foundation for the next potential surge towards all-time highs.
Lower Highs vs Higher Lows 📉📈
On the daily chart, $SOL has strong support at $126 to $138. Although the mid-March peak of $210 has been followed by lower highs, higher lows have persisted since September 2023.
Weekly Chart: A Strong Foundation 📊
The weekly chart for $SOL looks incredible. The $138 support level is robust, anchored by price structures from 2021/2022. Volume is decreasing, hinting at a significant move ahead. If the price breaks down, $112 to $100 is the next support. On the upside, targets of $175, $200, $250, and the all-time high of $260 are in sight.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
