The Solana (SOL) price is the biggest gainer today
The price of Solana (SOL) has increased by 5.5% today, making it the top-performing coin among the top 100 ranked by market capitalization.
Solana trades in a bullish pattern
Solana’s price has been following a long-term ascending support trendline since the beginning of the year. The recent upward movement began when the price bounced off the support line on September 11.
On September 28, SOL broke out from a descending resistance trendline, which further accelerated its rate of increase. However, it still trades below the $27 resistance area, creating an ascending triangle pattern.
The daily RSI reading is positive, indicating a bullish trend for Solana. When the RSI is above 50 and increasing, it suggests that bulls have an advantage.
What are the analysts saying?
The sentiment on social media platforms is mostly positive for Solana. Traders like Beastlyorion and Crypto Rand have outlined bullish patterns and expect upward momentum for SOL’s price.
Carpe Noctom points out a massive inverse head and shoulders pattern that has been developing since February, which is another bullish sign for Solana’s price.
SOL price prediction: Will breakout occur?
The daily chart shows both an ascending triangle and an inverse head and shoulders pattern, supporting the ongoing upward movement and a potential breakout. If SOL breaks out, it could reach $40, representing a 66% increase from the current level.
However, if the price fails to break out from the $27 resistance area, a sharp decrease to the ascending support line at $20 could be expected.
Hot Take: Solana (SOL) Shows Strong Bullish Momentum
The price of Solana (SOL) has been steadily increasing within a bullish pattern. Analysts are optimistic about its future performance, with expectations of a potential breakout and significant price gains. However, failure to overcome the resistance at $27 could lead to a downward correction. Overall, SOL remains an intriguing cryptocurrency to watch in the coming days as it continues its upward trajectory.
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