Solana (SOL) Confirms Upside Breakout, 24% Surge Impending
- SOL had its price overcoming a declining wedge formation, suggesting an optimistic breakout.
- Enthusiasts can expect Solana to extend its upswing towards $112.89.
- Increased bid orders support a possible rally extension towards $136.44.
Solana price authorized a lucrative breakout, confirming additional gains in the coming sessions. Though this uptrend will encounter some blockades, the alt will eventually attain its target. Moreover, Solana seems to boast upside catalysts.
SOL Endures Bear’s Test
Solana price printed three lower lows and lower highs since 26 January, and connecting the swing points with trend lines reveals a declining wedge. This bullish technical formation predicts a 24% upside move to $112.89.
Though SOL price overcame this formation on 19 March, it took time to authorize the move by retesting the falling wedge’s upper trend-line. However, the confirmation was lucrative, translating to an 8% surge to Solana’s current price, $94.46.
For now, enthusiasts might see the alternative token continuing its uptrend towards $105.82, beyond which there’s a buy-stops liquidity pool. Overcoming this obstacle will clear the path towards $112.89, the forecasted area.
Market players can expect SOL price to create a local high here, but continued FOMO by buyers means the probability of the run-up extending towards the substantial obstacle around $136.44.
While everything looks up for SOL price, dipping into the declining wedge again would show buyers losing ground. Meanwhile, a daily candle close beneath $88.58 will form a lower low and annul Solana’s bullish thesis. Such developments might witness SOL crashing 15% to explore the downside support barrier at $75.33.
Solana’s price outlook indicates that the alt saw remarkable actions over recent weeks, gaining more than 50% since mid-March. SOL has witnessed steady buying momentum lately and seems primed to extend its uptrends in the mid-term.
Solana’s bullishness emerged as the barrier at $95 restricted buying spree. That resulted in a bullish outlook, and Solana changed hands around $94.70.
Meanwhile, the one-day chart shows SOL traded within the $89.40 – $99.0 range within the past day. The RSI shows oversold situations while the MACD stayed in the bullish regions, indicating bulls’ are in control of SOL’s market momentum.
Stay tuned for more updates.
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