As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself eagerly anticipating Solana Breakpoint Day 1 in Singapore. With my fingers firmly crossed, I can’t help but feel optimistic about the $SOL price trend. The recent surge of 16.4% in just four days is certainly a promising start, and if history has taught us anything, it’s that good things come to those who wait patiently.
As Solana’s Breakpoint Day 1 kicks off in Singapore this coming Friday, the price of Solana ($SOL) has been steadily climbing over the last four days. With a 16.4% increase during this timeframe, is it possible that $SOL will continue to grow and resume its bullish trend aggressively?
Given the numerous developments expected at the Solana Breakpoint, there’s potential for sustained growth in the value of $SOL. Exciting updates on Firedancer and other technological advancements are anticipated, but could this situation now trigger a ‘sell-the-news’ scenario?
A clear and strong $SOL breakout
On the daily chart, the Solana (SOL) price is showing a distinct and powerful breakout. A return to the support level resulted in a strong upward wick in the candle. Following this, the breakout happened on Thursday, and subsequently, the price increased again once it surpassed the 0.382 Fibonacci level.
The next target is the 0.618 Fibonacci, and what would be the all-important higher high at $162.
$SOL heading back to top of range?
Looking at the broader picture on a weekly basis, it’s evident that the Solana ($SOL) price has been confined within a certain range since the beginning of this year. If we witness a breakout from the upper boundary of this range, it would also signify breaking through a robust horizontal trendline that started to take shape in October 2021.
Based on the appearance of the Stochastic RSI Momentum Indicator at the chart’s bottom, it seems poised to indicate a significant surge in the asset’s price when its two lines surpass the 20 mark, signaling an upward momentum shift.
$SOL approaches breakout against $BTC
In contrast to many other cryptocurrencies, Solana ($SOL) has stood out by exceeding Bitcoin‘s performance during this bull market. The price of $SOL is on an upward trend, with it hitting new lows before rising again, but this growth pattern is against a backdrop of higher highs. This suggests that a triangle formation is taking place, and a potential breakout could occur within the next few weeks.
If the price trend moves upward, it’s crucial for the SOL price against BTC to reach a new peak at approximately 0.003 sats for the upward momentum to persist.
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2024-09-20 14:10