Solana Price Expected to Surge by 50% in Near Future
Crypto analysts are increasingly optimistic about the future of Solana (SOL), with predictions suggesting a potential 50% surge in the near future. Several renowned analysts have expressed their bullish stance following SOLโs recent 11% surge in the past 24 hours.
Transformation of Resistance into Support
On X, crypto trader Bob Loukas (@BobLoukas) has provided an optimistic outlook, stating that SOL is now based and ready for a leg up to $250. This prediction is based on a thorough analysis of the weekly SOL/USD chart.
The chart reveals that SOL has successfully transformed its March 2022 resistance level of around $140 into a strong support zone. Previously, this level had served as a significant resistance from mid-December last year until the beginning of March.
By converting this resistance into support, SOL is now poised for a rally towards $250. This price target is only $10 below Solanaโs all-time high of around $260 from late October 2021.
Bullish Sentiment and Breakout Potential
Adding to the bullish sentiment, crypto analyst Byzantine General (@ByzGeneral) noted that SOL looks promising. The leverage in the system has decreased while the price continues to rise, and Coinbase has been buying a lot of spot.
Furthermore, not only does the SOL/USD chart look strong, but also the chart of SOL against its main competitor, Ethereum (ETH). According to several analysts, SOL/ETH is primed for a major breakout.
Potential Outperformance against ETH
Christopher Inks, the founder of TexasWest Capital, shared his analysis and stated that SOL/ETH on the weekly chart looks amazing. The wedge breakout, combined with a bullish cross of the Stoch RSI in oversold territory and a bounce of the RSI at neutral, suggests a rally toward a minimum expected target of 0.07231.
This technical breakdown indicates a very optimistic future for SOL compared to ETH. If this setup plays out, SOL could potentially outperform ETH by more than 70%.
Confirmation of Breakout
Macro expert Raoul Pal also chimed in, stating that SOL/ETH is looking like a breakout after a perfect consolidation. Palโs analysis is based on a falling wedge correction pattern, which SOL/ETH has already broken out from.
However, it is crucial to note that this breakout needs to be confirmed to avoid being considered a fakeout, indicating a potential major breakout against ETH. Renowned trader Peter Brandt identified the pattern as a โClassic Schabacker falling wedge correction,โ which is typically a bullish signal indicating a potential trend reversal or continuation.
The Falling Wedge pattern, characterized by converging trend lines, decreasing volume, and a breakout with increased volume, suggests that SOLโs current pattern positions it for significant upward movement.
Closing Thoughts: Solana Set for Potential Surge
As Solana continues to gain momentum and attract attention from crypto analysts, there is increasing optimism about its price potential. With forecasts suggesting a 50% surge in the near future and strong technical indicators supporting this prediction, Solana appears poised for further gains.
Itโs important to keep an eye on confirmation of the breakout against ETH and monitor any developments in the market. As always, itโs crucial to conduct thorough research and exercise caution when making investment decisions.
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