Sign Up on MEXC
Solana (SOL), one of the most competitive smart contracts tokens, continues to defy market doldrums with its unstoppable rally, climbing above $40 for the first since August 2022. This bullish outcome comes despite Sam Bankman-Fried’s trial, a year after the FTX debacle which left SOL nursing deeper wounds with losses extending to $8 compared to the all-time high of $260 in 2021. Solana’s connection to FTX and its trading firm Alameda put it in a precarious position but the token has shown exemplary performance this year.
If bulls uphold support at $40, there will be an opportunity for traders to double down on SOL for gains above $50. Nevertheless, a sweep through lower price points could offer fresh entries and create liquidity for another bigger breakout.
Also Read: Solana Price Rally To $40 Imminent As AUM Inflows Hit $24M, Second Only To Bitcoin
Is SOL Price Heading to $50?
- The rising channel pattern leads the ongoing uptrend in SOL price
- A potential breakout from the overhead trendline will accelerate the bullish momentum
- The 24-hour trading volume on the Solana coin is $1.6 Million, indicating a 28% gain.
Source-Tradingview
Over the past seven weeks, the Solana price has witnessed a remarkable rally of 134%, leaping from $17.4 to its present value of $41. The coin price not only broke out decisively from the resistance trendline of a channel pattern on October 31, but it also projects that buyers are keen on fueling a more robust rally.
This bullish momentum is likely bolstered by two key factors: the recent launch of the ‘Gameshift’ Beta by Solana Labs, aimed at simplifying the development of blockchain games, and a wave of short liquidations since last week as indicated by Coinglass data.
Moreover, with an intraday gain of 6.5%, the SOL price has shattered a multi-month resistance at $1.89, offering traders a promising follow-up to the channel pattern breakout. Based on this pattern’s dynamics, this altcoin appears set for another 32% growth, targeting the $1.54 level.
Is Current Recovery Sustainable?
While the prevailing sentiment for the Solana coin is overwhelmingly bullish, a minor pullback to gather momentum should not be ruled out. Such a retracement would likely retest the newly breached trendline, serving as a gauge for the asset’s ability to sustain higher price levels. If the coin successfully maintains this support, its recovery trend could well continue toward the aforementioned targets.
- Directional Movement Index: The widening spread between the DI+ and DI- lines in a bullish crossover state underscores the aggressive buying activity
- Exponential Moving Averages: The rising 20 EMA curve may act as a strong pullback support.
- Ethereum News: Latest On-chain Activity Hints Massive ETH Purchase by Bitmine (BMNR) and SharpLink (SBET)
- VanEck Pushes for Staked Hyperliquid ETF in US, Expects HYPE Coinbase Listing Soon
- Crypto ETF Update: Rex-Osprey’s XRP ETF, DOGE ETF to Launch Friday as SEC Review Ends
- SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
