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The Ethereum Killer has been surging and gaining bullish momentum lately with its price reaching $184.58 marking a 3.51% increase in the last 24 hours. Currently ranking 4th by market cap at $85.7 billion Solana has seen bullish momentum in the recent few days. However its trading volume has dropped by 27.51% to $2.46 billion in the last 24 hours.
The start of 2024 saw Solana in a sharp uptrend nearly touching its all-time high of $259 in March. However this was followed by a price reversal with SOL testing the $120 level multiple times. The price faced rejection four times after hitting the support zone but recovered sharply since the last support test on July 5th.
A few days ago Solana broke out of a bullish pattern and is now trading towards the $200 mark. This move has been noted by top markett analysts with some drawing parallels to Solana historic bull run back in 2021.
The daily RSI for Solana currently stands at 65 indicating strong bullish momentum. This suggests that buyers are in control and the asset may have more room to grow.
The MACD shown a bullish crossover in late june further reinforcing the positive market outlook. This indicator is often used to identify potential trend changes and momentum shifts.
Solana price just finished approaching a retest of the bullish pennant resistance that has now turned support. The formation of higher lows and higher highs on the daily chart is reminiscent of Solana's behavior just before its massive price increase in 2021, where it surged from $24 to its all-time high of $259.
Analyst Ali Martinez has noted on social media platform X that Solana has officially broken out from a bull pennant formation suggesting a potential 900% rally ahead.
Solana Total Value Locked (TVL) has seen a great increase rising from $1.4 billion at the start of the year to $5.525 billion currently according to DeFiLlama. This substantial growth in TVL indicates increasing confidence and activity within the Solana ecosystem.
The combination of technical indicators and fundamental metrics shows an extremely bullish picture for Solana. The breakout from the bullish pattern coupled with strong RSI and MACD signals suggests that SOL may continue its upward trajectory.
As Solana approaches the $200 mark all eyes will be on whether it can maintain its momentum and potentially challenge its previous all-time high before mid August.
