Solana Price Analysis: Trending Volume Suggests Bullish Breakout To $400 For SOL, 2 Other Altcoins Ready To Rocket Past Their ATHs
The post Solana Price Analysis: Trending Volume Suggests Bullish Breakout To $400 For SOL, 2 Other Altcoins Ready To Rocket Past Their ATHs appeared on BitcoinEthereumNews.com.
Solana lost demand after undergoing a massive rally and the price started consolidating. However, the recent surge in demand suggests the correction might be over and SOL could regain momentum for a new all-time high (ATH) with another surge. Along with Solana, Toncoin (TON) and Cutoshi (CUTO) also exhibit excellent potential for reaching tremendous heights with a rally and thus experience an increased demand. Solana (SOL): Bearish Move With Huge Volume After the 60%+ rally in November, Solana reached a new ATH at $263.83 but faced significant resistance near the $264 price level. The demand quickly vanished and Solana lost momentum and corrected over 15% to the $221 price level. It then entered a consolidation and traded trapped between $221 and $246. Until last week, Solana had been moving in a triangle pattern, with the price getting more consolidated over time. However, on Monday, the price fell below the lower trendline of this pattern with a massive 8.6% intraday drop after weeks of slow price action. Solana had dropped to the $205 support level, where bulls applied significant pressure to stop the price from falling further. Over the last 24 hours, Solana price has plunged 5.2% to $216.97, but the daily trading volume has increased by 176%. Today, there is a balance between bearish and bullish pressure, resulting in a doji candlestick. Since the bulls have gained control, keeping the price above essential support, Solana might reverse from this zone and continue the previous uptrend. Toncoin (TON) Undergoes Massive Correction Since its ATH at $8.24 in June, Toncoin began declining due to the trendline. It broke out of the trendline on 9 November 2024 and surged over 35%. However, Toncoin faced much resistance at the $7 price level and consolidated below it for over a week. Like Solana, Toncoin plunged…
Filed under: News - @ December 14, 2024 1:15 am