Solana ($SOL) recovers quickest with 10% bounce since low of Tuesday

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As a seasoned crypto investor with a knack for spotting undervalued gems, I find myself intrigued by the current state of Solana ($SOL). The recent market recovery has seen Solana bounce back from strong support and potentially set sail towards unprecedented heights.

On this Wednesday, the crypto market is bouncing back after a two-day slide that erased close to $400 billion from the total crypto market value. Among the larger altcoins, Solana has been the quickest to surge higher. The price of Solana ($SOL) has already risen by 10% over the past two days.

$SOL bounces from strong support

For today’s SOL/USD pair, we see an encouraging rebound from Tuesday’s low. It seems plausible that the SOL bulls might drive the price back towards the upper boundary of the channel. If they succeed, this could lead to a potential breakout, setting us up for a projected move towards approximately $275.

$SOL bull flag could send price to $345

Each week’s graph underscores that we’re looking at a bull flag formation here. If the price manages to escape from this pattern, it could indicate a significant rise up to around $345. The robust support level lies at $202 for now, suggesting it might function as a foundation for the rest of this bull market.

$SOL back inside wedge in relation to its $BTC pair

Regarding its Bitcoin pair (SOL/BTC), Solana (SOL) has returned to a long-term wedge pattern that has been developing since late 2023’s end. As displayed in the daily chart above, the Stochastic RSI is trending upward again, potentially shifting momentum towards Solana.

$SUI – a layer 1 competitor to watch

Among the significant competitors in Layer 1 for Solana ($SOL), which has been facing strong competition from its pairing, is Suisei ($SUI or SUIUSD/SOLUSD). Since late July of this year, Suisei has experienced a remarkable surge of approximately 320% against Solana.

On the weekly chart displayed, you’ll notice that the SUI/SOL pair has surpassed a notable resistance point. This potential drop in SUI could be indicative of it confirming that this level has now switched from being resistance to support. Throughout the remainder of this bull market, SUI is definitely one of the emerging Layer 1s worth monitoring closely.

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2024-12-11 16:06