Recent Bullish Trend: SOL price has seen a significant overnight jump of 15.20%, continuing its bullish trend.
Cathie Woods' Endorsement: Cathie Woods of ARK Invest praised the speed and cost-efficiency of the Solana blockchain, positively impacting its market perception.
Price Targets: The immediate target for SOL price is approaching $75, with a long-term goal set at $100.
Bitcoin Spot ETF Influence: The nearing approval of the Bitcoin Spot ETF is contributing to a bullish sentiment in the crypto market, positively affecting altcoins like Solana.
Ethereum vs. Solana: Cathie Woods highlighted that Solana might soon overtake Ethereum as a cheaper and faster alternative, given its recent advancements.
Trading Volume Surge: Following a channel breakout, SOL has experienced a substantial increase in trading volume, fueling its uptrend.
Long-Term Trend Reversal: Analysis of the 1W chart shows a long-term trend reversal in Solana prices, with dominant bullish candles indicating a 200% jump in the last five weeks.
Rounding Bottom Breakout: The SOL price action in the weekly chart shows a rounding bottom breakout with a neckline at $60, increasing the likelihood of reaching $100.
Current Trading Price: As of the report, SOL trades at $64.80, with increasing trading volumes supporting the sharp price hike.
Technical Indicators: The daily Relative Strength Index (RSI) is in the overbought territory, suggesting a strong bullish trend for SOL.
$100 Price Possibility: With the market recovery gaining momentum and increasing demand for altcoins, the chances of SOL price crossing the $100 mark are improving.
Potential Price Movements: If the bullish rally sustains, SOL could surpass $75 and test $100. Conversely, a downside reversal under $60 could drop the prices to $50.
Cathie Woods' Endorsement: Cathie Woods of ARK Invest praised the speed and cost-efficiency of the Solana blockchain, positively impacting its market perception.
Price Targets: The immediate target for SOL price is approaching $75, with a long-term goal set at $100.
Bitcoin Spot ETF Influence: The nearing approval of the Bitcoin Spot ETF is contributing to a bullish sentiment in the crypto market, positively affecting altcoins like Solana.
Ethereum vs. Solana: Cathie Woods highlighted that Solana might soon overtake Ethereum as a cheaper and faster alternative, given its recent advancements.
Trading Volume Surge: Following a channel breakout, SOL has experienced a substantial increase in trading volume, fueling its uptrend.
Long-Term Trend Reversal: Analysis of the 1W chart shows a long-term trend reversal in Solana prices, with dominant bullish candles indicating a 200% jump in the last five weeks.
Rounding Bottom Breakout: The SOL price action in the weekly chart shows a rounding bottom breakout with a neckline at $60, increasing the likelihood of reaching $100.
Current Trading Price: As of the report, SOL trades at $64.80, with increasing trading volumes supporting the sharp price hike.
Technical Indicators: The daily Relative Strength Index (RSI) is in the overbought territory, suggesting a strong bullish trend for SOL.
$100 Price Possibility: With the market recovery gaining momentum and increasing demand for altcoins, the chances of SOL price crossing the $100 mark are improving.
Potential Price Movements: If the bullish rally sustains, SOL could surpass $75 and test $100. Conversely, a downside reversal under $60 could drop the prices to $50.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.