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$ 103,813.1
BTC
$ 103,813.1
0.14 %
$ 2,362.07
ETH
$ 2,362.07
-0.11 %
$ 0.7941
ADA
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-0.02 %
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BNB
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4.83 %
$ 171.81
SOL
$ 171.81
4.05 %
Sujit Kumar
Dec 12, 2024
by Sujit Kumar

Solana Eyes New All-Time High as Bullish Momentum Builds

Solana Eyes New ATH

Table of contents

  1. Technical Indicators Support Breakout
    1. Price Targets and Breakout Potential
Solana (SOL) is experiencing a strong V-shaped recovery, fueled by increased buying pressure and broader bullish sentiment in the crypto market. The cryptocurrency surged 5.26% in the last 24 hours, pushing its market cap to $110 billion. Breaking through the critical $230 barrier, Solana is now targeting the $250 milestone, with potential to reach an all-time high of $271.

Technical Indicators Support Breakout

On the 4-hour chart, Solana’s price action reflects a falling channel pattern, with a bullish recovery emerging near the $200 psychological support. This V-shaped reversal signals renewed market momentum, with the rally testing the 23.6% Fibonacci level at $231.41.

Key resistance levels align with the simple moving averages and overhead trendline, making a close above this level a critical indicator of further bullish movement. The 4-hour Relative Strength Index (RSI) has risen above the midpoint, while the 14-day SMA shows a positive trend.

However, the prolonged decline within the falling channel raises concerns of a “death cross,” where the 50-period SMA may dip below the 200-period SMA, indicating potential bearish pressure.

Price Targets and Breakout Potential

If Solana sustains its upward momentum, the Fibonacci retracement suggests an immediate target of $246.73. A breakout from the falling channel could propel the price toward $259, with analysts optimistic about a potential run to $271 in 2024, setting a new all-time high.

As bullish signals strengthen, Solana remains one of the top-performing assets to watch in the crypto space.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Bullish Momentum Solana Eyes New ATH
Solana Eyes New All-Time High as Bullish Momentum Builds
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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