Wedge Pattern Signals a Potential Rally Above $100
A breakout from the rising wedge pattern could lead to increased buying pressure for Solana.
With a gain of 9.17%, Solana’s market cap has reached $34.6 billion, surpassing XRP to become the 5th largest cryptocurrency.
The 24-hour trading volume for Solana is $2.01 billion, indicating a 40% increase.
Solana has been experiencing a strong recovery since mid-October, with a growth of 302% and reaching a 20-month high of $84.14.
Despite the ongoing correction trend, Solana remains in a recovery sentiment and has surpassed XRP to become the 5th largest cryptocurrency. This remarkable performance can be attributed to various factors such as the rising popularity of Bonk memecoin, high demand for Solana Saga phone, total value locked (TVL) exceeding $1 billion, and an increase in trading volume on decentralized exchanges on Solana.
The SOL price continues its recovery rally without any major signs of weakness. It recently broke above the resistance trendline of the rising wedge pattern.
If the price can sustain above this level, it is likely to rally towards $95 and then $120.
Record-Breaking Number of Active Addresses
The number of active addresses on the Solana network has seen a significant increase, reaching 351.5K. This is the highest number since June 2022, indicating a surge in interest and participation in the Solana ecosystem.
- Exponential Moving Average (EMA): The upswing in daily EMAs (20, 50, 100, and 200) confirms the strong recovery trend.
- Relative Strength Index (RSI): The daily RSI above 60% reflects a positive sentiment among traders.
Hot Take: Solana Price Prediction Shows Potential for a Bullish Breakout
The Solana price has been showing signs of a restricted recovery due to the development of a rising wedge pattern. However, recent inflows suggest an upside breakout from the wedge, paving the way for further rally. With a potential rally beyond $100, Solana has already surpassed XRP to become the 5th largest cryptocurrency by market cap. The record-breaking number of active addresses on the Solana network further indicates a growing interest and participation in the ecosystem. Overall, Solana’s strong recovery trend and positive sentiment among traders position it for potential future gains.
By
By
By
By
By
By