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- Solana breaks $250, signaling bullish momentum.
- MACD and BBP indicators show sustained buying pressure.
- Price could rise to $294 or higher if momentum holds.
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Solana (SOL) surged past $250 yesterday, catching the attention of traders and crypto enthusiasts alike. While the price has slightly cooled to around $245, technical indicators suggest the rally may not be over, hinting at potential gains in the weeks ahead.
Technical Breakout Sparks Momentum
SOL’s recent surge followed a breakout from a symmetrical triangle on the 4-hour chart, a pattern often signaling the start of a fresh rally. Adding to the bullish picture, the Moving Average Convergence Divergence (MACD) has formed a crossover, where the MACD line rises above the signal line. This alignment typically indicates growing buying pressure and strengthens the probability of sustained upward momentum.
If the current trend continues, Solana could retest the $250 resistance, potentially reigniting the rally it paused from. Traders are closely watching volume levels, as continued market support will be critical for SOL to push higher.
Bulls Maintain Control
The weekly chart reinforces Solana’s bullish outlook. The Bull Bear Power (BBP) indicator shows increasingly higher green histogram bars, signaling that buyers are consistently outweighing sellers. This long-term momentum supports the case for further price appreciation, suggesting that the recent surge is not merely a short-term spike but part of a broader upward trend.
Meanwhile, the Chaikin Money Flow (CMF) on the daily chart has climbed into positive territory at 0.17, indicating strong capital inflows. This confirms growing demand for SOL and suggests that buyers are gaining control, setting the stage for a potential breakout above resistance levels.
Price Predictions and Key Levels
If Solana continues its bullish trend, the immediate resistance sits at $252.13. A successful breach could see SOL rally toward $294.89. In an extremely bullish market scenario, the price could even touch $418.35.
Also Read: Solana Price Could Hit $1,000 as Institutional Treasuries Surge Past $4.3B
Conversely, if demand weakens, SOL may fall below support at $218.57, with a potential slide toward $171.42. Traders should watch these key levels closely and adjust their strategies accordingly.
Solana’s breakout past $250, combined with bullish technical indicators, suggests that SOL could sustain its upward momentum in the coming weeks. While the potential for further gains exists, monitoring volume and market sentiment will be crucial for traders seeking to capitalize on this rally.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
