- Solana looks to have halted after breaking out of a symmetrical triangle.
- SOL’s prospective positive impulse might boost its market worth by over $10 billion.
Solana just became the best performing Crypto, but it looks like a victim of its success. On Tuesday, a five-hour network disruption halted Solana’s climb.
It flipped Cardano’s ADA, which couldn’t keep up with the “Ethereum killer.” ADA is up 2% today but down 8% in the previous week. Solana’s market valuation currently exceeds $64 billion, while Cardano’s is $63.5 billion. Just eight days ago, SOL hit an all-time high of $219.05, and the current price of roughly $217 isn’t far behind.
On the daily chart, Solana looks to have halted after breaking out of a symmetrical triangle. However, SOL may close firmly above its previous all-time high of $219, re-entering price discovery mode. The token might rise another 17% to $257, the triangle’s target if this happens.
SOL’s prospective positive impulse might boost its market worth by over $10 billion. However, the Reddit Community is pessimistic about Solana’s pricing. They expect SOL to be approximately $65 by the end of 2021. Furthermore, according to analyst Long Forest, the coin will be worth roughly $106 by the end of 2021.
Commencement of a New Uptrend
A daily candlestick close above $220.21 will mark the commencement of a new uptrend. In this case, SOL may target the 161.8% trend-based Fibonacci extension mark at $384.08. This rise would be a 100% uptrend.
If the price of Solana (SOL) closes below $188.69, it indicates that buyers are fading and bears are taking power.
It will then fall by at least 9% to retest the 5 percent Fibonacci retracement line at 170.01. If the selling pressure persists, Solana may test the $155.78 support level. This decline would be around 17% from $188.69, when buyers may opt to resume the upswing. According to CoinMarketCap, the SOL price is $217.88 with a 24-hour trading volume of $2,630,098,838.
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