As a seasoned researcher with a keen eye for market trends and a knack for navigating the volatile world of cryptocurrencies, I find myself intrigued by this latest surge in Solana (SOL). Having weathered several bull and bear markets, I’ve learned to read between the lines and interpret the subtle signals that the market sends.
The long-term drop might have ended, according to CoinStats.
SOL/USD
The price of Solana (SOL) has risen by 10.18% over the last 24 hours.
Every hour on the chart, Solana’s (SOL) price is approaching the potential barrier at around $146.36. Should a breakthrough occur, it might trigger an immediate move towards the $150 region.
Over a longer period, traders should pay attention to the closing price of daily candles at approximately $146.08. If buyers maintain control, the price could potentially rise towards $150-$160 by the week’s end.
Looking at the weekly graph, Solana’s rate appears to have experienced a misleading surge past the $116 mark. At this point, there seems to be insufficient momentum among bulls for a turnaround just yet.
In this regard, consolidation in the area of $140-$160 is the more likely scenario.
SOL is trading at $145.02 at press time.
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2024-08-06 19:56