The cryptocurrency market is taking a break today after a strong multi-day rally, while Solana continues to gain traction.
Cryptocurrency Market Takes a Breather
The cryptocurrency market is experiencing a slight dip today after a strong rally. Ethereum (ETH) has slipped over 2% after a 24% gain over the last week. While most major altcoins have cooled off, Solana (SOL) continues to show strength.
Harmonic Pattern Forming on Solana
On the daily chart, Solana (SOL) is forming a harmonic ABCD pattern that indicates bullish continuation. The pattern began in April at point A at $95.26, followed by a rally to point B and a pullback to point C near $126.29 in late June.
Future Prospects for Solana
If this bullish setup unfolds, Solana could target $218.43, aligning with the 1.50 Fibonacci extension. To confirm the pattern, SOL must hold above the 200-day moving average at $163.51, which is now a key support level.
Thus, despite the overall market cooling off, Solana's strong growth and the upward pattern on the chart keep it in focus among cryptocurrency enthusiasts.
