Solana’s SOL, like a yoyo, has been oscillating between highs and lows lately. Instability seems to be its trademark as a cryptocurrency. However, current conditions allow analysts to predict a rise towards $140 this month. Crypto investors have no other option than to carefully monitor its development.
Solana: A soaring future?
Long and strong above $104.00 legends. »
There Solana frantic race (SOL) on the crypto markets has been remarkably positive in recent weeks, with a generally optimistic trend. However, a notable 5% drop, bringing the price down to $104, marked the cryptocurrency’s recent run. This fall occurs after SOL briefly broke the crucial $109 support level the day before. But in this volatile world, bullish tendencies quickly took over, suggesting a possible recovery.
SOL has successfully overcome a major obstacle in breaking the $104.92 barriertraditionally a strong sales area, specifies Quincepe. Although previous attempts have been met with resistance, Solana’s latest effort hints at a potential bull run to come. Crypto maintained a stable position above the support level of $104, signaling a consistent bullish outlook.
With a market capitalization of $45 billion, Solana is now the fifth largest cryptocurrency in terms of capitalization according to CoinMarketCap. THE 24-hour trading volume increased by more than 5%reaching $1.54 billion, indicating growing investor interest and paving the way for possible price fluctuations.
The outlook for the SOL market in February 2024 is quite promising, as the altcoin appears to be sailing on an upward trajectory. Over the past week, SOL has seen an impressive rally, posting a gain of over 10%. Oscillating between 109 and 104 dollarsSOL showed its resilience by touching the highs before returning to its support level.
Heading for $140?
On the technical side, Solana retook the crucial $104 level, paving the way for new advances. If this dynamic persists, a push towards $120 is possible, with a potential crossing up to $140 under continued upward pressure. However, a failure to maintain this momentum could result in a pullback towards support at $95.
Despite the short-term decline, SOL technical indicators remain optimistic. The MACD is showing an uptrend, with a crossover above the signal line and a positive green histogram, indicating increasing buying activity.
Likewise, the Relative Strength Index (RSI) is holding slightly above 60, suggesting neutral to bullish sentiment. The Chaikin Money Flow (CMF) confirms a positive trend, while the positioning of the 20 exponential moving average (EMA) above the 50 EMA reinforces the prospects for future gains.
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