Published on augustus 12, 2024, 12:24 am
Image source: Fox News
```json [ { "TLDR": "Solana's price has the potential to rally to $200 if it holds $148 as support, recent technical analysis and bullish indicators suggest positive price movement, despite current price 41% below previous all-time high. Traders should conduct thorough research before making investment decisions." } ] ```
Solana, a leading altcoin in the cryptocurrency market, has been making significant moves recently. Technical analysis suggests that if SOL manages to turn $148 into a support level, its price could potentially rally to $200. This would mark a substantial milestone for Solana and attract considerable attention from traders and investors alike.
Recently, Solana’s price soared to a new all-time high compared to Ether (ETH) on August 7th. Traders are now closely watching for a potential breakout towards the $200 mark, a level that hasn’t been seen since March. The SOL/ETH trading pair has been displaying promising signs on the daily chart since June 23, indicating the possibility of further upward momentum.
Notably, Solana has outperformed many other cryptocurrencies in recent days. With SOL’s price surging over 15% against Bitcoin (BTC) following the lows experienced on August 4-5, it is clear that there is significant bullish sentiment surrounding this altcoin.
Various analysts have pointed out bullish indicators for Solana’s price movement. A cup-and-handle pattern on the weekly chart suggests a potential breakout, while patterns like the bullish pennant on the four-hour and three-day charts reinforce optimism about SOL’s future performance.
However, it is crucial for Solana to solidify $148 as a support level to prevent a possible correction below $100 in the near future. Despite its recent gains – with a 9.4% increase in the past 24 hours – Solana’s price remains 41% below its previous all-time high of $260 achieved back in November 2021.
As with any investment opportunity in the volatile cryptocurrency market, it is important to note that this article does not provide investment advice or recommendations. Investors should exercise caution and conduct thorough research before making any financial decisions related to Solana or any other digital assets.
Original article posted by Fox News
