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Solana Shows Potential Upsurge as SOL Surges by 9.11% in the Past Month
Solana’s Recent Performance
Following a 9.11% surge over the last month, Solana (SOL) has been navigating a consolidation range between $140 and $160 after failing to sustain an upward momentum from its local high of $193. Bears have dominated the market since the drop below $160, keeping prices within this range.
Solana Breaks Out
Despite the challenges in reclaiming higher levels, positive signs emerge as Solana recently flipped the 200 EMA on daily and 4-hour timeframes, breaking out of a symmetrical triangle pattern. This breakout suggests a potential upsurge in the making, with the altcoin well-positioned for further gains.
Market Sentiment
At $146 at the time of writing, SOL’s Long/Short Ratio on a 4-hour timeframe favors long positions, indicating a bullish sentiment among traders. The positive DyDx Exchange Funding Rate and increasing Open Interest further support the expectation of future price increases.
Potential Price Levels
If SOL manages to break above the $160 resistance, analysts foresee a move towards the $170 mark, providing optimism for investors and traders looking for upward momentum in the altcoin market.
Read Solana’s [SOL] Price Prediction 2024–2025
Reflecting increased positive market sentiment and technical indicators pointing towards an upsurge, Solana’s recent performance suggests potential for further gains in the near future.
Stay tuned for more developments in the cryptocurrency market as SOL continues to show signs of strength.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
