Breakout Alert! Solana Price Prediction for August 7.
Solana (SOL) has given a crucial breakout above $145, and there is a high chance it could soar to the $161 level.
With a massive price surge of over 15%, SOL has outperformed BTC, ETH.
Solana’s open interest has skyrocketed by 17% in the last 24 hours.
After a massive price crash, the overall cryptocurrency market has experienced a significant upside move in the last 24 hours. Amid this, Solana (SOL) the world’s fifth-biggest cryptocurrency has gained massive attention from crypto enthusiasts following its substantial price surge.
Breakout in Solana (SOL)
During the price crash, SOL reached the lowest level of $109.66. Since then, it has experienced a notable price surge of over 33%. However, this price surge has caused a crucial breakout of the $145 level in the 4-hour time frame.
Solana price prediction
According to expert technical analysis, SOL looking bullish as it is trading above the 200 Exponential Moving Average (EMA) and recently gave a breakout of a crucial resistance level of $145.
Following this breakout, there is a high chance it could soar another 10% to the $161 level. However, if investors’ interest and market sentiment remain bullish then SOL could soar to $185 to its next resistance level.
This breakout and this surge in open interest will be potentially responsible for the upcoming bullish rally in the coming days.
SOL price analysis
At press time, SOL is trading near $147 and has experienced a notable price surge of over 15% in the last 24 hours. Despite this massive price surge, its trading volume has dropped by 56% during the same period.
Meanwhile, SOL’s open interest (OI) has skyrocketed by over 17%, in the last 24 hours. This significant surge in OI indicates higher interest from investors and whales.
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