The crypto market is recovering after two consecutive down days that led to a loss of almost $400 billion in the combined market cap. Solana ($SOL) is the fastest of the larger altcoins to recover, with a 10% increase over the past two days. The daily chart for $SOL (SOL/USD) shows a bounce from the low of Tuesday, and it is likely that the bulls will push the price back to the top of the channel.
If this is achieved, a subsequent breakout could lead to a measured move to around $275. The weekly chart highlights a bull flag structure, and if the price breaks out of this, the measured move could be much higher, at $345. The price structure below $202 is solid and could serve as a base for the rest of the bull market.
Against its BTC pair (SOL/BTC), $SOL is once more inside the long-term wedge pattern that has been building since the end of 2023. The daily chart shows that the Stochastic RSI is heading up, bringing momentum into $SOL’s favor. One major layer 1 competitor to watch is $SUI (SUIUSD/SOLUSD), which is up 320% against $SOL since late July of this year.
The SUI/SOL pairing has crossed above a significant resistance level, and the current dip could confirm that this level has been flipped into support. $SUI is a layer 1 competitor to keep an eye on for the rest of this bull market.
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<p>The post Crypto Market Recovers as Solana Surges: Analyzing the $SOL Bull Flag first appeared on CoinBuzzFeed.</p>
