Home Altcoins News Looks like Solana (SOL) is on Fire These Days

Looks like Solana (SOL) is on Fire These Days

Looks like Solana (SOL) is on Fire These Days

Solana claims to be the world’s most performant global state machine providing for transactions with fast finality & censorship-resistance.  It is particularly designed for global adoption.

Zerion expressed:  From today, Zerion users can track SOL and other Solana assets alongside tokens and protocols from 7 EVM compatible chains.

The addition of #Solana to Zerion gives you the most complete portfolio tracking available today. No need to switch wallets.

Solana has emerged as one of the fastest, most scalable blockchains in the world and we’re proud to offer you the chance to manage your Solana portfolio in Zerion.

Otherwise, it looks like Solana is on fire these days.  There are so many amazing stuff launching too, even some launchpads like Solana Prime are including things like Insurance Funds to protect your tokens against Rugpulls, as we advance so must security.

Despite significant capital outflows from Solana-based investment products, an upside setup for SOL’s price looks to be on the dice.  Solana (SOL) prices may rise by more than 45 percent in the coming weeks as the cryptocurrency attempts to complete a double-bottom chart pattern against the US dollar.

Double-bottoms usually appear at the end of a downtrend, when the price falls to a low, then rises and returns to the level near the previous low. When bears are unable to drive the market to a newer low, the selling attitude gets fatigued, resulting in a quick upward retracement and subsequent breakout advance.

Since Jan. 24, SOL has been exhibiting a similar trend, particularly after extending its comeback move by climbing 25 percent week-to-date to reach beyond $100.  Furthermore, a clear positive divergence between SOL’s price and relative strength index patterns suggests a strong likelihood of a double-bottom breakout.

Nonetheless, a positive confirmation might occur if SOL’s price breaks over the double-bottom neckline at $120 as trade volume increases. As it occurs, SOL’s upside goal might be equal to the greatest distance between the lowest point of the double-bottom pattern and its neckline.

This would put SOL on track for at least $150, with the chance of extending the positive run into $170.  As the double-bottom predicted SOL at $150 or higher, popular market analysts warn about a potential bull trap in the Solana market, noting that altcoins would resume their downtrends in general.

Analysts identified $120, the double-bottom neckline, as a strong resistance level that would most certainly restrict SOL’s continued upward retracement. This has been concluded by making use of the popular Elliott Wave Theory to predict the start of Solana’s next bearish wave cycle.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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