Solana has successfully gained an upper hand on the cryptocurrency market, easily breaking through the 100 and 50 EMA resistance levels and most likely continuing its movement. However, the long-term situation may look slightly better than you think.
Generally indicating a bullish trend, Solana has been able to hold its position above the 50 EMA on the daily chart. SOL has shown that it can maintain gains during the recent price action, as it has moved from about $148 to $163.
Growing buying pressure is a result of the breakout above the 100 EMA, which also implies that investors are optimistic about Solana's prospects. If Solana is able to break through this crucial resistance level, it could open the door for additional gains. This level of resistance is roughly $170.
SOL/USDT Chart by TradingView
Comparing the pattern to the weekly chart, Solana's potential is even more substantial. A bullish triangle pattern is forming on the chart, which historically foreshadows a potential breakout and significant price movement. Solana may experience an increase of up to 300% if this pattern materializes.
Solana's continuous higher lows, which show strong support at lower levels and an overall upward trend, add credence to this. Furthermore, the state of the market as a whole is quite important. Given the favorable perception of cryptocurrencies and the possibility of clearer regulations, investors may feel more comfortable making sizable investments in products like Solana.
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Its optimistic outlook is also influenced by the ecosystem's growth alliances and the growing use of the Solana blockchain for a variety of applications. The weekly and daily charts indicate that Solana is well-positioned to grow going forward.
A strong short-term trend is indicated by the daily chart's breakout above important EMA levels, and the weekly chart's bullish triangle pattern suggests a potential 300% surge if the pattern we mentioned plays out correctly.
