Positive momentum related to cryptocurrencies has resurfaced across the market, driving prominent virtual currencies like Solana back upwards. The increasing popularity of Solana (SOL) suggests a possible increase for this altcoin over the next few weeks, as suggested by certain key metrics and chart patterns.
An Impending Move To Higher Levels For Solana
Current market trends suggest that Solana may soon experience a considerable price surge, potentially nearing its previous record high of $264, as indicated by analyst and investor Jonathan Carter’s technical analysis.
The expert predicts a potential bullish breakthrough from a significant chart setup, specifically the Descending Triangle configuration. This pattern could trigger the expected strong price increase. His graph indicates that SOL is at a pivotal point, suggesting it might continue its upward trend if the asset surpasses its current resistance thresholds.
As a crypto investor, I’d like to emphasize that descending triangle formations on charts are typically bearish, marked by a succession of lower highs and a declining resistance level. Yet, it’s worth noting that the altcoin is holding its ground above the lower boundary of this pattern in the 8-hour time frame, according to Jonathan Carter’s analysis.
Right now, the rising trend of SOL is being met by a significant resistance offered by the broken ascending lower trendline. If the altcoin manages to break through this strong resistance, an expert predicts that SOL could potentially surge towards the $262 mark. Along the way, important price levels to keep an eye on are $204, $222, and $245.
Carter’s forecast aligns with increasing enthusiasm in the broader cryptocurrency market, as Solana receives more recognition for its active network and rapidly growing user base. With this strong upward trend and increased adoption, there’s potential for a surge that could help it regain its previous highs, solidifying its status as one of the top-performing altcoins.
SOL’s Path To $200 And Beyond Holds Strong
It appears that Solana is gearing up for an impressive surge in the near future, fueled by a recent market surge. Pro-crypto trader and analyst Natalie Dormer anticipates a trajectory towards the $200 mark and potentially beyond for Solana, taking into account the current macroeconomic factors such as the US10 Government bonds.
Natalie Dormer’s positive prediction is sparked by Solana (SOL) breaking out from a robust bullish flag pattern, suggesting that its upward trend will continue. This breakout seems to correlate with the US Consumer Price Index (CPI) data, which was somewhat below expectations and presented mixed results overall.
After the release of the Consumer Price Index (CPI) figures, U.S. 10-year Government bonds experienced a significant decline of nearly 3%. This downturn has weakened assets tied to the U.S. dollar. Consequently, the potential for Sol’s price increase becomes more promising, with targets at $211 and a maximum potential of $230 as suggested by the data presented in her chart.
Currently, Solana is trading at around $202, showing a nearly 7% surge over the past 24 hours. This resurgence has ignited optimism among investors, causing its daily trade volume to significantly rise by more than 61%.
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2025-01-16 22:41