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Sahana Vibhute
Sahana Vibhute
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- Sep 20, 2024 13:09 UTC
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Solana Close to End 200+ Days of Re-Accumulation: Here’s Why $400 Could Be its Next Pitstop & $800+, the Finality
Solana price is closely monitored by the market participants as it has been one of the largely traded crypto assets
The token is accumulating along the support and a fine rise towards the resistance may trigger a breakout, leading towards a massive rally towards new highs
After printing huge bullish candles for the second consecutive day, the Solana price has managed to breach above $150. With this move, the token has entered a crucial resistance zone, which is required to be held tight for a continued upswing towards higher targets. Meanwhile, the technicals suggest there could be still some room for consolidation as the SOL price is yet to validate a rise from the bearish influence.
The SOL price displayed a very quick move in the past 24 hours, which has made the market participants more vigilant. This reaction was provoked by the Fed’s rate reduction, which is expected to persist for some time. The buyers held the price above the pivotal support, forming a clear boundary for the market as well as a bottom. However, the SOL price broke out and updated the local high after consolidating within a key resistance zone.
Therefore, Solana’s price is believed to reach $200, but here are the key levels that may hinder the progress of the rally.
The chart of Solana suggests the price is about to print one of the bullish weekly candles after July that tested the upper resistance of the wedge. Ever since the token faced rejection, the bulls have failed to demonstrate a similar move. However, the technicals have flipped in their favour, and hence a move above the pivotal resistance zone between $150.76 and $153.48 seems to be imminent.
The RSI has triggered a bullish reversal but it may be taken as yet another lower high and a slight rise above 60 may invalidate bearish expectations. Besides, the MACD displays a drop in the selling pressure after 3-straight weeks dominated by the bears. Therefore, the Solana (SOL) price rally is expected to kick off a strong rally once it surpasses the pivotal resistance at $160.
However, a breakout from the wedge is expected to kick off a monstrous rally, which is expected to hit the first pitstop of $400 as predicted by a popular analyst, Curb.
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