Solana (SOL) has broken through a key resistance level, indicating strong bullish momentum. Crypto analyst DaCryptoGeneral shared insights on X, suggesting a bullish outlook for SOL.
Price movement and volume indicators for the crypto suggest possible short-term gains. This trend coincides with indications of revival in the larger crypto market.
SOL Flips Short-Term Resistance
DaCryptoGeneral highlighted SOL’s recent price movement on X. “SOL has flipped the short-term resistance level,” the analyst noted.
$SOL has flipped the short term resistance level Momentum and volume looks good, price is expected to take out the liquidity above the triple tops. So, the next short term target is $200If the macro stays good, $SOL would hit $240 in the short mid term. pic.twitter.com/7WOOwZkr5d
— Crypto General (@DaCryptoGeneral) August 8, 2024
This breakthrough is significant for SOL’s price trajectory. It indicates a shift in market sentiment from bearish to bullish.
The analyst’s observations align with the daily chart of SOL. The chart shows a clear breakout above the $159 resistance level. This move invalidates the previously forming triple top pattern. Consequently, it opens up the possibility for further upside potential.
Momentum and Volume Support Bullish Outlook
DaCryptoGeneral emphasized the importance of momentum and volume in SOL’s recent price action. “Momentum and volume looks good,” the analyst stated. At press time, SOL trades at $155.24 just below the resistance, with the overall momentum still bullish.
This observation is crucial for understanding the strength behind the current move. Strong volume during a breakout often suggests sustained interest from buyers.
The chart corroborates this analysis, showing a noticeable increase in trading volume. This surge in volume coincides with SOL’s breakout above the resistance level. As a result, it lends credibility to the bullish narrative surrounding the crypto.
Solana Price Prediction
Looking ahead, DaCryptoGeneral outlined potential price targets for SOL. The analyst predicts that “price is expected to take out the liquidity above the triple tops.”
This liquidity zone likely represents a cluster of stop-loss orders from short sellers. If triggered, it could fuel a rapid price increase.
The immediate target identified by the analyst is $200. This level represents a significant psychological barrier for SOL. Reaching this price point would mark a substantial gain from current levels. Moreover, it would confirm the strength of the ongoing bullish trend.
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Potential for $240?
DaCryptoGeneral’s analysis extends beyond the short-term outlook. The analyst suggests that SOL could reach even higher levels under favorable conditions.
“If the macro stays good, SOL would hit $240 in the short mid-term,” the tweet states. This prediction hinges on broader market conditions remaining supportive.
The $240 target represents a considerable upside from current prices. Achieving this level would likely require sustained bullish momentum and positive sentiment in the crypto market.
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The post Solana Soars Above Key Price Level: Analyst Eyes $240 Target as SOL Gains Momentum appeared first on CaptainAltcoin.
