Solana
Reasons Solana Price Is Poised for a 25% Rally
Solana price rose 9.3% over the past 24 hours to trade at $136.36, as most altcoins continue to see gains. On the other hand, the price of Bitcoin fell below $60,000 yesterday, triggering panic in the markets, but has since recovered and is hovering around $61,327 during European business hours on Tuesday.
Solana price could rise by 24% if bulls maintain this level
The previous symmetrical triangle on the daily chart of Solana transformed into a descending triangle due to Bitcoin Price down yesterday. While this is a bit concerning, Solana generally has an impressive history of price action, and the support that has developed around $130 is also robust.
The level has been tested 4 times in the last 3.5 months and has held up every time. However, this time things may be different as Bitcoin factors come into play.
THE SOL Price the stock just touched the 200-day simple moving average (SMA) and has rebounded slightly. This indicator is known for providing robust support levels when trading financial instruments. CoinGecko data shows that Solana’s 24-hour trading volume jumped 135%, an indicator that investors are increasingly interested in the asset.
Solana Price is expected to bounce off this support zone and move towards the upper trendline of the descending triangle. This can be a 25% move from the current price that will peg the asset at $171. On the other hand, if the current support is broken, Solana price could find additional support lower, around $98, $87, and $56.
Solana Price Monitors Bitcoin’s Next Move
Bitcoin is currently in a precarious situation as heavy selling pressure has pushed it to a weekly low of $58,456. However, the bulls quickly pushed the price higher and the asset closed above the $60,000 support level yesterday. Bitcoin has tested this level five times over the past four months, making it an important area to watch.
Bitcoin is simultaneously in a 4-month consolidation and is at the lower limit of this range. BTC Price can bounce off this lower level and reach the upper boundary which coincides with its previous all-time high price (ATH) of $73,838. Moving higher, the asset could encounter resistance around $65,000, $72,000 and $73,838, before soaring into the price discovery zone. On the other hand, Bitcoin could find support around the 200-day SMA ($58,600), and if it falls below, $49,800 and $43,800 could cushion the price decline.
Conclusion
SOL price action has been impressive in the first half of 2024, but if the BTC price continues to fall, it could spell the end of Solana and the entire market.
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