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Solana (SOL) mustered a sensational market performance. Reeling at $145.01, it is quite an improvement of 4.01% in the last day. The market cap is around $67.29 billion, growing by 4.04%. Besides, for the last 24 hours, the volumes rose to approximately $1.61 billion, a 2.61% rise. This signals of improved market performance is indicative of a growing interest and faith from investors in SOL.
On price analysis, SOL rose slowly but steadily from its intraday low of $138 to as much as an intraday high of $145, where the rejection was met.
On the Solana (SOL) price chart ,a symmetrical triangle is forming which would often hint at an impending breakout. This kind of pattern shows two main trendlines slanting toward each other, which would suggest a breakout at various price levels. Currently, the support level to keep an eye on would be at about $143; anything below this could signal a bearish trend.
The other side, the $178 value level, is the major resistance level; any break would likely confirm a bullish trend. From an ideal perspective, the symmetrical triangle shows that SOL could have an important price movement of approximately 53% if the cryptocurrency breaks above the resistance area or below the support area.
Looking ahead into potential support and resistance zones in price action, Fibonacci retracement levels with key points at 0.618 ($157.14), 0.5 ($143.75), and 0.382 ($131.49) are ideal for trading.
Concurrently, with firms having stated to file Solana ETF S-1's with the SEC institutions' interest in the project could contribute to its increased adoption. Such developments are important because they point to growing confidence in SOL's long-term sustainability.
Despite this, the Relative Strength Index (RSI) standing at 41.61 but with a downside trend, indicating greater bearish momentum.
However since it is yet to be oversold , if the RSI moves toward the oversold zone, this could be viewed as a signal of an impending reversal. At the same time, the MACD line has moved above the signal line and may therefore indicate an upward move, as the momentum is still weak. Further, the CMF reads above 0.12, meaning in this case the inflows are more than outflows, supporting the fact that the bullish sentiment is present and holding tight.
An upward break for Solana would mean potential gains if resistance levels are shattered. Analysts believe that the price may rise by 18% if SOL bulls can break the ascending triangle pattern toward $172. On the other hand, if bearish conditions prevail, support may be established around $121.`
On these, popular crypto trader Jelle observes that there are some similarities between what is happening in the market for Solana at the moment and what was going on back during the summer of 2021, hence a bullish trend looming for SOL.
