Solana Technical Analysis: Will SOL hit new highs?
In the past week, 
SOLUSDT has demonstrated impressive performance, yielding returns of 16.2%. This performance stands out even among the top market-cap giants. The market sentiment towards Solana and its associated tokens, including SOL-based meme coins, remains highly bullish. This bullish sentiment has propelled the prices of key Solana ecosystem coins like Jupiter, Radium, and Ponke.
On the technical front, SOL has been forming a large symmetrical triangle on the daily timeframe. Within this pattern, a double bottom formation has emerged, signaling a bullish breakout. As expected, SOL experienced a substantial rally, climbing from $135 to $185. After retesting $172, SOL is now challenging the $185 level once again. The next significant target is $200, with potential to revisit this year's all-time high of $210.
Further analysis reveals that the daily MACD (levels 12, 26) is turning bullish, currently valued at 8.50. The RSI stands at 65.71, indicating there is still room for upward movement. Additionally, Solana has respected the 200 EMA, providing further hope for continued bullish momentum. These major indicators suggest a continued bullish momentum, reinforcing the potential for further gains in the near term.
SOLUSDT has demonstrated impressive performance, yielding returns of 16.2%. This performance stands out even among the top market-cap giants. The market sentiment towards Solana and its associated tokens, including SOL-based meme coins, remains highly bullish. This bullish sentiment has propelled the prices of key Solana ecosystem coins like Jupiter, Radium, and Ponke.On the technical front, SOL has been forming a large symmetrical triangle on the daily timeframe. Within this pattern, a double bottom formation has emerged, signaling a bullish breakout. As expected, SOL experienced a substantial rally, climbing from $135 to $185. After retesting $172, SOL is now challenging the $185 level once again. The next significant target is $200, with potential to revisit this year's all-time high of $210.
Further analysis reveals that the daily MACD (levels 12, 26) is turning bullish, currently valued at 8.50. The RSI stands at 65.71, indicating there is still room for upward movement. Additionally, Solana has respected the 200 EMA, providing further hope for continued bullish momentum. These major indicators suggest a continued bullish momentum, reinforcing the potential for further gains in the near term.
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