Solana Leads Crypto Rally As Expectations For A Break Above $200 Grow
July 21 2024 - 12:30PM
NEWSBTC
Solana has recently captured the attention of market participants
with a remarkable surge to $175, stunning investors and analysts
alike. Solana is currently up 40% from its lowest point of $123
this month. The cryptocurrency’s strong upward momentum has
reignited optimism among traders and investors, who are now eagerly
anticipating a potential breakthrough above the $200 mark in the
coming week. Related Reading: Here Are 5 Reasons To Be Bullish On
Bitcoin, Analyst Says Traders have also noted the formation of a
bullish pennant formation on the SOL price chart, which reaffirms
the expectations for a $200 SOL price. This pattern is typically
seen as a continuation signal, suggesting that the current uptrend
may persist into the coming week. Growing Speculation Of SOL
Breaking Above $200 According to data from Santiment, Solana has
experienced an impressive breakout, surging by 33% since the 4th of
July. Interestingly, the on-chain tracker observed that despite
this significant price increase, there was still a notable amount
of negativity surrounding Solana among some traders. This
persistent skepticism created a Fear of Missing Out (FOMO) among
the majority of investors, which in turn fueled the upward momentum
of Solana’s price. The price surge means that Solana faithful,
which have held on despite the extended drop last month, have been
largely rewarded for their patience. 📈 The Solana faithful
have been rewarded for their patience as prices have broken out
+33% since the 4th of July. The climb is being fueled by crowd
doubt toward SOL. Until FOMO replaces the FUD, $200 SOL is very
much reachable soon. pic.twitter.com/hLpf8qZVqb — Santiment
(@santimentfeed) July 19, 2024 Analysts at Santiment are optimistic
about Solana’s future, predicting that the current price surge will
continue and potentially push SOL past the $200 mark again. At the
time of writing, Solana is trading at $171, which means it would
need to experience an additional 17% increase to reach the
anticipated $200 level. “Until FOMO replaces the FUD, $200
SOL is very much reachable soon,” Santiment said. This projection
of continued growth is grounded in recent market trends and the
overall bullish sentiment that has been building around Solana.
Investors and traders are watching closely to see if Solana can
maintain its momentum and reach the $200 target. SOL
Technical Analysis Technical analysis on SOL price also suggests a
bullish breakout above $200. According to crypto analyst
CryptoBusy, Solana is now forming a pennant formation on the daily
candlestick chart. The chart reveals that since March 2024, Solana
has exhibited a pattern of lower highs and higher lows, drawing out
a tightening range and a squeeze in price corrections. This
consolidation phase typically sets the stage for a breakout, with
CryptoBusy suggesting a price target of around $210 if Solana
breaks to the upside. 🚨 #Solana $SOL HUGE PENNANT on the 1D chart!
Watch out for this price action! https://t.co/GF2BfV0Dtv
pic.twitter.com/Hlh73PKHq9 — CryptoBusy (@CryptoBusy) July 18, 2024
Related Reading: AVAX Brushes Off Bearish Pressure With 11% Rally –
Details On the other hand, crypto analyst Ali Marinez believes the
pennant flag is setting Solana up for a potential 900% rally up to
$1,800. Such a massive surge, while speculative, underscores the
bullish sentiment and the current FOMO surrounding Solana within
the crypto community. #Solana is eyeing $1,000! Early signs of a
breakout from a bull pennant suggest a potential 900% rally ahead.
pic.twitter.com/DuFJF4h9dX — Ali (@ali_charts) July 20, 2024
Featured image from Mudrex, chart from TradingView
Optimism (COIN:OPUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Optimism (COIN:OPUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024