With the ongoing bull market, Solana (SOL) is showing significant growth. Major development announcements at the recent Token2049 event are supporting the SOL price rise.
SOL Market Performance
In the daily chart, Solana's price action reveals a new bullish cycle gaining momentum. Over the last three days, the SOL price has increased by 14.50%, creating three consecutive bullish candles. As Solana hits the $150 psychological mark, it trades with an intraday gain of 5.47%. The overall bull run in the last two weeks has led to a price surge of 20.52%, taking support from the crucial level of $125. With the rounding reversal, the SOL price approaches the neckline near the $160-$163 supply zone, supporting the bullish rally and hinting at a trend continuation.
Technical Development Indicators
Technical indicators confirm the bullish sentiment. The 6.36% jump last night, creating a bullish engulfing candle, surpassed the 50-day and 200-day EMAs, eliminating the possibility of a death cross in the short term. The RSI indicator on the daily chart spikes to 61.58, approaching the overbought boundary.
Prospects for Further Growth
As the bull run in the SOL price forms a triple white soldier pattern, the trend momentum teases a boost to the $163 supply zone. Looking at Solana's quarterly returns, Q3 and Q4 are expected to boost the altcoin price for a breakout rally. The rounding bottom breakout will trigger a BUY signal, with potential new targets up to $250 in the future.
Supported by new products and partnerships, Solana maintains a bullish market trend. Technical indicators suggest further growth, making the $200 mark an important milestone for SOL.
Comments