Solana (SOL), bulls want to drive the coin’s price higher, and break the $44 mark.
- Solana has seen strong bullish moves; support at $40
- Coin’s peak has been more than 70% compared to 2021, when it was at its lowest point.
- The daily chart’s ascending triangle pattern hits massive gains in the coming days.
Solana, which has failed to reach the $44 threshold twice before, is making a comeback.
SOL currently stuck at $43
CoinMarketCap reports that Solana is currently trading at $43.41 and has fallen by 2.30%. Bulls want to drive the price higher and push it up to $44 or more. SOL has rallied around the $44 resistance zone, and all it needs is a push.
Now, if the buyers fail to maintain the current momentum, then this could be the coin’s third failed attempt to breach the target level. The key support level at this stage is $40.
Solana’s trading volume is impressive, however buyers are needed to maintain that momentum. The RSI is still above 50. SOL is likely to break the resistance if it can stay within this target range.
Moreover, MACD has formed a bullish cross pattern today which looks enticing for many buyers but it’s still rather premature to make a call.
SOL: A fake breakout
In case SOL’s price hovers above $44, history tells us that this can just be a fake breakout. So, here’s what happens: if SOL fails to cross over the key resistance, then the bears may take over and trigger SOL’s downfall to $40.
SOL could shoot for $60 if it can break the critical resistance threshold. However, this seems like wishful thinking.
Due to the impact of recent US consumer data about inflation, the price of SOL/USD rebounded on Thursday and reached $45.07. According to SOL, it is the highest price level reached this year by SOL since July 30. The price of the above mentioned product is 71% more than that recorded in June, bringing the market total to $15.40 trillion.
It is notable that Solana achieved this goal due to its strong market share in NFT/DeFi. The platform currently has around 75 DeFi projects and a TVL of $1.98 million. SOL, which ranks at fifth place alongside Tron, Ethereum and Tron in terms of platform size, is clearly one the most powerful cryptos.
Source: TradingView.com| Source: TradingView.com Featured image taken from The Independent. Chart from TradingView.com
