Solana, the 4th largest cryptocurrency with a market cap of $115 billion, is inching closer to surpassing Tether USDT. The SOL token has seen a 2.40% gain in intraday trading and is approaching the $250 mark. Over the past week, it has increased by nearly 16%, indicating the possibility of a bull run.
In the daily chart, SOL’s price action shows a second consecutive bullish candle, with a 2.42% gain following a 10% surge the previous night. It is currently trading at $243, increasing the chances of a bull run beyond the psychological mark of $250. In the weekly chart, there is a cup-and-handle reversal pattern, posing a challenge at the $250 mark. Additionally, the short-term price trend reveals a descending triangle breakout rally, marking the third breakout rally.
Technical indicators, such as the MACD, show a positive crossover and an increase in buying pressure, indicating the potential for a bull run ahead. Based on Fibonacci levels, if the uptrend continues beyond $250, SOL’s price could surge to $600 or even reach $1850. This suggests the possibility of a new all-time high in 2024. However, it is also possible that there may be a minor retest of the $250 level breakout.
Some factors driving the current bullish trend in Solana’s price include strong buying momentum, technical breakout patterns, and increased adoption of Solana’s ecosystem. If Solana breaks the $250 level, Fibonacci projections indicate potential targets at $600 and $1850. Despite the uptrend, there could be price corrections and minor retests of breakout levels like $250, offering opportunities for consolidation before further surges.
For more information and long-term targets, you can read the Solana (SOL) Price Prediction article.
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