SOL Price Analysis: Solana Eyes $30 With Bullish Setups!
The post SOL Price Analysis: Solana Eyes $30 With Bullish Setups! appeared first on Coinpedia Fintech News
With an almost 35% increase in market value, Solana remains a notable coin in the gainers list of cryptocurrencies. Maintaining a year-to-date growth of 142%, the SOL price brings new bullish setups and entry opportunities as the market recovers.
With golden crossover and breakout possibilities, the Solana coin price can soon surpass the overhead barrier at $30. Therefore, the Solana Price Prediction for the upcoming year seems bullish.
Forming a bottom slightly below $18, the SOL price taps into a demand boost, leading to the falling channel breakout. The breakout rally exceeds the 50 and 200-day EMA within days and increases the golden crossover possibility.
With the falling channel breakout gaining momentum, Solana’s price action forms five multiple bullish candles. Accounting for a 26% jump, the uptrend reclaims the $24 mark and hints at a rounding bottom formation.
Currently, the SOL price trades at $24.64 with an intraday gain of 3.23%, the uptrend closes in on the rounding bottom neckline at $25.50.
With the overall market in recovery mode and the altcoins ready to reclaim previous levels, Solana has a high chance of prolonging the uptrend.
Technical Indicators:
MACD indicator: The MACD and signal lines continue the uptrend positively by avoiding another crossover event. The lines cross above the zero line, and the histograms are rising higher.
RSI indicator: The RSI line takes off from the halfway line to enter the overbought zone, signaling a highly bullish phase.
Will the SOL Price Reach $30 This Week?
With increased trend momentum and bullish pressure, Solana shows high incoming demand. Moreover, the bullish setups rising for the altcoin can prolong the positive trend. Therefore, the SOL price may soon jump from the $24 mark to reach the overhead mark of $30.
On the opposite end, the Solana price may struggle to rise above the neckline at $25.5 and take a short pullback.
Filed under: Bitcoin - @ October 2, 2023 6:46 am