Solana (SOL) about to fly higher

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As a seasoned analyst with years of experience navigating the dynamic world of cryptocurrencies, I find myself increasingly intrigued by Solana ($SOL). Its recent surge and outperformance against Bitcoin ($BTC) and Ethereum ($ETH) suggest that it might be on the cusp of a significant price increase.

Among the prominent cryptocurrencies, Solana ($SOL) appears to be the front-runner among large-cap altcoins, showing strong potential to propel other digital currencies upwards. Outpacing Bitcoin ($BTC) and rapidly approaching Ethereum ($ETH), could Solana ($SOL) soar even higher?

Over the past week, Solana has surpassed all other cryptocurrencies in the top 50 by market capitalization, indicating a strong resurgence following its seven-month price plateau. This suggests that Solana is poised to break free from its recent price stability and potentially spearhead the upward trend across the crypto market.

$SOL inverse head and shoulders target $202

Looking at the immediate price trend for SOL (SOL/USD), it appears an inverted head and shoulder chart formation is continuing to develop. The price has already returned to validate the neckline breach, suggesting it could potentially rise further from this point onwards.

As a crypto investor, I’m keeping an eye on the descending trendline that’s been forming over the past seven months due to sideways price action with Solana ($SOL). If Solana manages to break above this trendline, it would suggest a favorable continuation of the measure move from the head and shoulders pattern. This could potentially push the price up to around $202. With $209 being the last local high, if $SOL can maintain momentum, reaching that level wouldn’t be too far off.

$SOL breaks out of huge triangle against $BTC

Looking at its Bitcoin pair (Solana/Bitcoin), it’s noticeable that Solana has broken free from a large triangle formation that took about seven months to build. Currently, the Solana price is trying to stabilize above the upper trendline, and there’s horizontal support at this same level as well.

$SOL in price discovery against $ETH

The price of Solana ($SOL) significantly surged against its pair with Ethereum ($ETH), marking a notable milestone. A substantial trading range was established back in December 2023, and after several false signals, the $SOL price successfully broke free from this range nine months later, in September.

For approximately three weeks, the price stabilized within its range beforehand. On October 19th, however, it surged upward, reaching new heights as it explored uncharted territory, since the top of the range matched a significant high from November 2021.

Based on the Fibonacci ratios, the potential upcoming price targets for SOL/ETH could be approximately 0.089 ETH (representing the 1.618 Fibonacci extension) and 0.14 ETH (the 2.618 Fibonacci extension).

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2024-10-28 16:04