I am liking the SOLUSD chart, feels bullish. The pattern here is a sign of resilience in a market that's starting to recover from strong selling by Greyscale and others. This correction, marked by a sequence of higher lows connected by a descending trend line is on the verge of breaking higher. A break past this trend line, coupled with a volume increase, creates a potential reversal to continue the earlier pump.
The RSI, sitting in the mid-range, steers clear of the overbought or oversold territory, suggesting a market that's charging up, ready for action. The Money Flow Index mirrors this stance, stable at around 50, indicating a balanced buying and selling pressure.
It's not just the chart that is worth paying attention to with Solana; it's the overall narrative and hype behind the coin. Solana's "committed" to scaling blockchain for wider adoption through fast, secure, and censorship-resistant blockchain infrastructure. Will they do it? Time will tell.
I have a small bag already and keeping my eyes on Solana, not solely for its upside potential but as a key player in the blockchain ecosystem.
Will Sol ever overtake ETH? And if so, when?
These are market speculations; any negative shifts in market sentiment could overturn these predictions in the short to medium term. If we see a market 'nuke', all bets are off.
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.