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Solana, the leading layer-one blockchain platform, has finally overcome the critical $200 barrier, giving investors new hope. This achievement fuels expectations of further price increases and represents a turning point after a period of consolidation.
Some optimistic spectators view this price action as a kind of starting point for long-term uptrends. Rekt Capital noted that if the price crosses the $200 level, Solana’s multi-month downtrend could finally end. In addition, he said, L SOL offers To be fully absorbed, the week must close above $202.
Solana did not wait for the weekly close and rushed directly to the $202 resistance level (in red)
A multi-month downtrend has ended (blue)
And Solana is a weekly close above $202 (in red) away from starting a rally to $200+#Solana #Sol #Bitcoin https://t.co/8If7EtMDK7 pic.twitter.com/1T9XVPQyQO
— Rekt Capital (@rektcapital) November 8, 2024
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Technical indicators reinforce bullish sentiment
Many technical indicators still confirm the positive tone prevailing in the market Solana. Both the 50-day and 100-day EMA are below the current price, showing a consistent upward movement with strong support in recent corrections, while a bullish crossover provides more important reasons to continue the short-term move upwards on the medium-term channel. .
The MACD indicator recently crossed above its signal line, indicating that this upward movement may continue. Momentum is also provided by the CMF as it shows a reading of 0.17. It represents buying pressure, which is strong enough that the inflow of capital is more than the outflow, thus indicating that investors are more interested in the stock.
The Relative Strength Index is an additional indicator that supports Solana’s current price action. This indicates that SOL has enough room for additional growth even if it is close to the overbought range.
Together, the technical indicators should provide a solid foundation, suggesting that Solana’s uptrend could continue as long as trading volume and investor sentiment persist.
Potential resistance and future market outlook
While Solana’s performance in recent days looks good, it has reached a potential resistance point near its previous all-time high at $260. Market watchers say that if SOL can continue its momentum and cross this mark, buyers looking for a good entry opportunity for bullish momentum may return to the market.
Analyst CROW finds optimism in this argument and believes this could reach $800 in 2024, already taking Solana from $25 to $260.
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#Alternative currencies #Sol Priced at $200 and out! 💥
The huge bull flag is unfolding #Solana. 🚀
Goal: $1,400 🎯 pic.twitter.com/eQyYyn33cm
– Crypto Giant (@Washigorira) November 8, 2024
However, other analysts recognize a “bull flag” pattern on Solana’s weekly chart. This is typical of a breakout after some consolidation. As SOL breaks above $200, the Titan of Crypto may ask for a target at $1,400, which speaks well of the market’s strong confidence in Solana’s long-term performance.
Given all the technical indicators and analyst forecasts, there may be room for further upside. With continued investor interest and healthy trade volumes, SOL will likely test its all-time high of $260 or more in the next few weeks.
Featured image from SOPA Images/Getty Images, chart from TradingView