The post Solana Price Exceeds Trendline, Breakout Rally Eyes $280 appeared first on Coinpedia Fintech News
Despite the Bitcoin price struggling to take off from the $96,000 support level, Solana comes as a rising altcoin. With Grayscale filing the 19b-4 form to turn its Solana Trust into an ETF, the market sentiments for Solana have significantly improved.
Will this result in a new all-time high in SOL prices? Let’s find out in our latest SOL Price Analysis article.
Solana Price Performance
In the 4-hour chart, the Solana price action showcases the bullish struggle to sustain dominance above a long-coming resistance trendline. With a double-bottom reversal from a crucial support zone of $223. Further, it took a lower price rejection from the 200 EMA.
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With triple consecutive bullish candles, it forms the triple white-shoulder pattern. However, the higher-price action has kept the bullish growth under check below $240.
Currently, the SOL token price is at $237.33 with an intraday gain of 1.37%. Despite the higher price rejection, the Solana price action showcases a potential post-retest reversal from the broken resistance trendline.
Solana Technicals and Price Targets
The MACD and Signal line align positively with the recent crossover amid the recovery rally. This also comes with a surge in positive histograms. Furthermore, the 20 EMA line prepares a bullish crossover with the 100 EMA line in the 4-hour chart. Thus, the technical indicators are giving a buy signal for Solana.
In this case, the uptrend is likely to challenge the current all-time high level of $264.60 by the end of this week. This increases the chances of a new all-time high at $280.
On the flip side, a bullish failure to sustain dominance above the broken trendline and the 50 EMA line at $235 will likely gain us the $223 support zone.
Read More: Solana Price Prediction 2024, 2025-2030.
FAQs
What is driving Solana’s recent bullish trend?
Solana’s price is seeing a bullish surge, driven by a breakout above a long-standing resistance trendline, positive MACD crossovers, and growing institutional interest with Grayscale’s ETF filing.
What are the key resistance levels for Solana?
The immediate resistance is near the $240 level, with the next major target being the all-time high of $264.60. A successful breakout could push Solana toward $280.
What are the technical indicators suggesting for Solana’s price?
The MACD is showing a positive alignment, with recent crossovers indicating bullish momentum. Additionally, the 20 EMA is set to cross above the 100 EMA, signaling a potential continued uptrend.
