Solana (SOL) is trading at $226.74, up nearly 1% in the last 24 hours with a daily trading volume of $3.8 billion. Holding above the $225.95 pivot, the token is consolidating as traders eye its next move.
With growing activity in decentralized applications (dApps) and non-fungible tokens (NFTs), Solana’s expanding ecosystem is boosting its utility.
Favorable macroeconomic trends and increased institutional interest further support the possibility of significant upward momentum for SOL.
Tweet Analysis: $264 Target in Focus
A recent tweet by @Negentropic_ highlighted Solana’s bullish potential, suggesting a rebound toward $230 and a possible breakout if $235 is breached on the daily chart. The tweet emphasizes:
- RSI in a neutral zone: With room to climb before reaching overbought levels, SOL appears primed for upward movement.
- Compression breakout potential: If Solana clears the $235 resistance, it could aim for its previous high of $264.
SOL Eyes a Breakout
SOL hit the marked zone and rebounded toward $230. If it surpasses $235 on a daily timeframe, it could break the price compression, targeting the previous high of $264.
Key Signals:
Daily RSI is neutral, far from overbought territory—favorable for a… https://t.co/vhkiT6eU6B pic.twitter.com/WBw76hzL3y— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) December 12, 2024
Additionally, @Negentropic_ flagged ecosystem tokens JUP and WIF as potential beneficiaries of any upward momentum in Solana’s price. This highlights how a rally in SOL could have a ripple effect on related tokens, making them worth monitoring for secondary trades.
Solana Price Prediction: Could $300 Be Next?
Solana is showing signs of a potential breakout, with key resistance at $227.35. A move above this level could pave the way for a test of $234.80, and possibly its previous high at $264. With sustained momentum and ecosystem activity, a medium-term target of $300 is within reach.
Solana (SOL) is poised for a breakout!
Resistance: $227.35
Next targets: $234.80 & $264
Support: $222.74, with safety nets at $219.10
RSI at 53.41 signals room for growth. Will SOL hit $300 next?#Solana #SOL #Crypto pic.twitter.com/5BAmrsBtjr
— Arslan Ali (@forex_arslan) December 14, 2024
The Relative Strength Index (RSI) at 53 suggests neutral momentum, leaving room for further upside without entering overbought territory. The 50-day Exponential Moving Average (EMA) at $222.74 provides strong support, keeping the price aligned with its ascending Fibonacci retracement.
Key levels include $227.35 resistance at $227.35, with additional targets at $234.80 and $241.55. Immediate support is at $222.74, with safety nets at $219.10 and $215.30 if bearish pressure builds.
Key factors supporting this outlook:
- EMA Support: The 50-day EMA at $222.74 has consistently cushioned recent price dips.
- Neutral RSI: RSI at 53 leaves room for upward moves without immediate risk.
- Ecosystem Interest: Growing focus on Solana-related tokens like JUP and WIF could boost sentiment.
A failure to hold $222.74, however, may lead to a deeper pullback. Traders should watch the $235 level for confirmation of a breakout.
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The post Solana’s Breakout Momentum Builds – Could $300 Be Just the Beginning? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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