Solana Set To Soar? Analyst Predicts Over 50% Surge For SOL If This Key Support Holds
June 14 2024 - 12:00AM
NEWSBTC
As the cryptocurrency market experiences its typical ebb and flow,
Solana (SOL) draws particular attention from analysts who
anticipate significant movements in its price. Currently, Solana is
trading just below $150, but recent analyses suggest a potential
for a substantial increase. Related Reading: Solana’s Tough Climb:
SOL Price Struggles to Find Solid Ground Solana Eyes Major Surge As
Key Technical Patterns Emerges According to well-known crypto
analyst Ali, Solana would surge higher by 53%, with Ali pointing to
an ascending triangle pattern that could be a sign of a coming bull
rally. This pattern is usually bullish, indicating that Solana
could see significant gains if it can keep its momentum going and
break above this upper resistance level. On Solana’s chart, Ali
recommends watching $143 support and $178 resistance in the short
term. Such levels are important in defining the short-term
direction of the asset in the market. #Solana is set for a major
53% price move! Keep an eye on the $143 support and $178 resistance
levels to gauge the direction of the $SOL trend.
pic.twitter.com/SB9tJ6D02u — Ali (@ali_charts) June 12, 2024 The
support could turn resistance and vice versa. If the price holds
from the support or breaks past the resistance, this would trigger
the anticipated bullish price action. Ali said such a breakout from
those technical levels could spur more than 50% higher in Solana’s
market value, aligning with how other assets have behaved with
similar patterns seen previously. Currently trading just above
$146, Solana has experienced a 7.6% drop, adding to a nearly 20%
loss from the previous week. A prominent crypto analyst commented
on this trend, suggesting that Solana will likely continue
experiencing fluctuations between $185 and $120, indicating a
prolonged consolidation phase. This stabilization is viewed as a
natural correction following its recent significant rally. The
analyst remains optimistic about the future, “expecting bigger
things later.” $SOL: I think SOL is just going to keep chopping
around personally between $185 and $120. It’s a big range overall
but I think we just continue to see a prolonged period of
consolidation. It’s healthy to see this after that huge run to be
honest, expecting bigger things later pic.twitter.com/aGNtVnBgDP —
Altcoin Sherpa (@AltcoinSherpa) June 12, 2024 Network Activity
Fuels Optimism The optimism for Solana’s price increase is not
solely based on technical analyses. NewsBTC has recently cited
on-chain data from IntoTheBlock, which shows that daily active
addresses on Solana increased by about 1.1 million on the 11th of
June. This type of high level of network activity usually
foreshadows price increases since it suggests an increased use case
and actual adoption by users. The cultural impact on Solana’s
market position is also noteworthy. So far, not only investors have
eyed the network, but also celebs – Australian rapper Iggy Azalea,
Caitlyn Jenner, and Andrew Tate have all hit the platform, among
others. Related Reading: Solana Searching For Direction: Will SOL
Break Free Or Fall Flat? This celebrity endorsement can help
increase the curiosity and hype concerning SOL, which in turn will
more likely increase the number of users and more likely investors
who will adopt Solana. Featured image created with DALL-E, Chart
from TradingView
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