Solana’s bullish leg is set to kick off, according to analysts
The post Solana’s bullish leg is set to kick off, according to analysts appeared on BitcoinEthereumNews.com.
Solana (SOL) has kicked off 2025 on a high note, with analysts pointing to the beginning of a new bullish leg for the cryptocurrency. Notably, an analysis by Tradingshot highlights Solana’s recent price action, suggesting the asset is positioning itself for a sustained upward trend. The cryptocurrency has surged to a 10-day-high, climbing toward the 50-day moving average (1D MA50), its first significant resistance level. The analyst sees this rally as the start of a fresh bullish phase within Solana’s five-month Channel Up pattern, supported by several key indicators and consistent historical behavior. A closer look at the technical landscape Solana’s recent rebound from ‘Support Zone 2’ at $179, which aligns with the October 29 high, has become a critical signal for its next move, as highlighted by Tradingshot. Solana price analysis chart. Source: Tradingshot / TradingView This movement mirrors the pattern observed in September 2024, when a rebound from ‘Support Zone 1’ at around $121 triggered the previous bullish leg of the Channel Up. Such consistency in Solana’s price behavior has strengthened the analyst’s confidence in the potential for sustained upward momentum. Adding to this bullish sentiment, the cryptocurrency’s December low came close to testing the 200-day moving average (1D MA200), a critical long-term support that now coincides with the lower boundary of the Channel Up. Historically, this trend line has acted as a reliable foundation for price recoveries, further cementing its role in Solana’s upward trajectory. Additionally, the December 22 low pushed the one-day RSI into the oversold zone at around 30, a level that has consistently triggered strong buy signals since April 2024. Each RSI oversold signal has historically driven Solana to at least the 0.786 Fibonacci retracement level, which currently stands at $242. The road ahead Based on these factors, the analyst has set a short-term…
Filed under: News - @ January 3, 2025 10:25 am