Among the many cryptocurrencies, Solana has undoubtedly become the shining star of this cycle, with its growth exceeding the astonishing 1,000% mark in just one year. Even more remarkable is that the emergence of multiple meme coins on the Solana blockchain last year spread rapidly like a virus, with a market value of over $1 billion in one fell swoop, adding fuel to Solana's upward momentum. Although a major earthquake in the cryptocurrency market in June caused SOL prices to fluctuate, its bullish fire has not been extinguished. Instead, more and more predictions point out that SOL prices will set new highs, surpassing the historical peak in 2021.
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Solana: Ready to take off, aiming for new highs
On the TradingView website, a mysterious cryptocurrency analyst with the pseudonym "NoLimit" gave an optimistic prediction on the price prospects of Solana. This bullish sentiment stems from a series of subtle changes on the SOL chart and the turbulence of the entire cryptocurrency market.
According to the analyst, a huge cup-and-handle pattern is quietly forming on the SOL chart, which is often a bullish signal in history. As early as 2021, when the price of Solana broke through the $250 mark for the first time, this pattern appeared. Now, it has reappeared, which undoubtedly provides strong support for the rise of SOL.
What’s even more exciting is that the Fibonacci extension also shows that the SOL price will hit a new high. This extension line points directly to $550, or even as high as $868, which means that the SOL price is expected to soar 450% from the current value, creating a new historical glory.
SOL: Buying pressure intensifies, upside momentum strong
As for the Solana cryptocurrency itself, its performance is equally impressive. According to data from the on-chain token tracking website Coinmarketcap, SOL's daily trading volume has skyrocketed by more than 13% in the past day, and the trading volume has exceeded the astonishing $2 billion mark.
The continued rise in price undoubtedly shows that Solana is facing strong buying pressure. In the long run, this is undoubtedly beneficial to the SOL token. Now, if this buying pressure can continue, then this altcoin may soon refresh its historical high and open a new glorious chapter.
Currently, the price of SOL is slightly above $151, and it has risen by 4.59% in the past day. On the weekly and monthly charts, its prices have also risen by 7.22% and 5.08%, showing a strong upward momentum.
Dogecoin: Ready to go, with plenty of room for growth
After establishing a solid base above $0.1050, Dogecoin price started to climb sharply. It broke through the $0.1150 resistance level in one fell swoop and entered positive territory like Bitcoin and Ethereum. The price even climbed above $0.120 and the 100 hourly simple moving average, showing strong upward momentum.
A high was formed at $0.1264 and currently Dogecoin price is consolidating gains above the 23.6% Fibonacci retracement level of the upside from the $0.1167 swing low to $0.1264 high. Currently, Dogecoin is trading above the $0.1220 level and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support at $0.1195 on the hourly chart of the DOGE/USD pair. If there is a fresh up move in DOGEcoin, the price might face some resistance near $0.1265. However, if this resistance is crossed, the upside for DOGEcoin will be more substantial.
The next major resistance level is around $0.1320. If Dogecoin can successfully close above the $0.1320 resistance level, its price may further fall towards the $0.1450 resistance level. Once the price continues to rise, it may even fall towards the $0.150 mark. For bulls, the next major stop loss point may be $0.1620. In this cryptocurrency market full of opportunities and challenges, Dogecoin is undoubtedly ready to start a new upward journey.
