- Solana just made a new all-time high of $218.
- As SOL enters price discovery mode, more upside can be expected.
- A particular technical pattern projects prices to rise to $250.
Solana continues heading north after breaking all resistance levels that prevented it from achieving its upside potential. Given the lack of opposition ahead, the SOL token is primed for further gains.
Solana Makes New All-Time Highs
Solana has breached previous all-time highs and is back in price discovery mode.
Achieving such a milestone was not easy as the sixth-largest cryptocurrency by market cap entered a stagnation period after reaching a record high of $216 on Sep. 9. Its price action has been characterized by a series of lower highs and higher lows that led to the formation of a symmetrical triangle on the 12-hour chart.
A sudden spike in buy orders on Oct. 20 allowed Solana to break out of its consolidation pattern. Although prices have risen by more than 34% since then, SOL may still have more room to go up. The measurement of the triangle’s y-axis added to the breakout point anticipates another 15% upswing.
If validated, further upward pressure could catapult Solana towards $250 or higher.
It is worth noting that speculators could be anticipating a bullish announcement at Solana’s upcoming Breakpoint conference in early November. However, if the conference fails to meet traders’ expectations, a “sell the news” event might occur, increasing the downward pressure on Solana.
A correction might materialize under such circumstances, pushing the SOL token back towards the $195 support level.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
This news was brought to you by Phemex, our preferred Derivatives Partner.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Synchrony Raises $4.2M to Build Asset Management Protocol on Solana
Synchrony, a copy trading and asset management protocol on Solana, has raised $4.2 million from investors Sanctor Capital, Wintermute Trading, and GBV Capital. When launched, the platform will enable users…
FTX U.S. Launches NFT Marketplace on Solana
FTX U.S. is joining the NFT boom. FTX U.S. to List NFTs FTX’s U.S. arm has launched an NFT marketplace on Solana. Solana NFTs deposited to FTX U.S. will need…
What is a Crypto Airdrop: Why Projects Airdrop Crypto
Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…
Beginner’s Guide: Getting Started With Solana
Launched in March 2020, Solana aims to address the scalability issues other smart contract blockchains like Ethereum face. While still in the early stages of development, users can already take…