Altcoins

Solana Surges With Grayscale Announcement! SOL Price Eyes At 30% Upswing!

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Dec 1, 2021

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The year 2021 is turning out to be quite thriving for most of the crypto assets as many spiked more than 3x to 5x. As the most dominant crypto settled after a gigantic rally many altcoins jumped into action. Solana being among the top gainers among the rallied tokens, initiated with an uptrend yet again. Currently, the SOL price is trending 10% away from its highs, which may be surpassed anytime from now. 

The asset initiated with an uptrend as Grayscale announced their new Solana Trust. As Solana became one of its 16 assets under management, SOL price quickly engulfed a bullish trend. 

SOL Price Eyeing Massive Uptrend

The SOL price surged from just around a dollar to as high as $58.38 during the first half of 2021. Despite the crash below $20, yet the asset underwent a gigantic rally to hit $259.9 in phases. Later the crash pulled the price below the trend line to hover below $200. Yet the asset flipped the bearish divergence and attempted to surpass the uptrend line anytime from now. 

The SOL price after flipping the bears formed a double bottom pattern and is currently heading towards the neckline. The price not only has to surpass the uptrend line but also test the neckline which is very close to the ATH. The levels at $241 are also the local support levels to hold, in case of a trend reversal. However, the asset is attempting to march beyond the neckline and pull a massive leg up close to $300. 

On the other hand, Alt-season is on the horizon and many altcoins have already initiated a notable uptrend. The recent flip from the bearish divergence may manifest the start of the Alt-season but could be validated only when more than 30% of the altcoins ignite with the bull rally. Further, if Solana price raises get a push then the levels beyond $300 may be imminent.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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