Solana (SOL) Price Rise to Key Range: Expected to Spark 30% Upside by Month End
As the last week of trading for the month is about to unfold, the market is expected to see greater volatility. Despite the downward trend in SOL prices at the beginning of the month, the current market sentiment and technical graphics suggest that Solana could see a significant upside by the end of the month.
Current Market Performance
Recap: Solana suffered a 22% drop at the beginning of the month but has since rebounded strongly and is now up more than 10%. Key Breakout: SOL price broke out of the resistance range of the descending parallel triangle, showing strong upward momentum.
Technical Analysis
Ichimoku Cloud: After nearly a month of bearishness, the Ichimoku Cloud turned bullish, indicating future upside potential. On Balance Volume (OBV): The OBV indicator continues to rise, indicating increased buying power, supporting further gains.
Price Targets and Resistance Levels
Short-term Targets: Bulls are currently targeting the $175 resistance level, which, if broken, will be expected to challenge $200 by the end of the month. Medium- and long-term goals: After breaking through $200, SOL is likely to continue to rise, with a target price of $250 to $275.
