Solana (SOL), the high-performance blockchain system, appears to be poised for an upside breakthrough, according to recent technical evaluations and opinions from famous crypto traders.
As Bitcoin (BTC) consolidates near its all-time high, analysts are looking to SOL for a potential boost, which may propel the token to prices between $150 and $200.
SOL/BTC Pair Shows Signs of Imminent Rally
Trader KALEO predicts an upcoming rally in the SOL/BTC trading pair, indicating a potential return to spring 2022 highs. If Bitcoin prices remain consistent within their current range, this shift might result in a USD price of approximately $200 per SOL token.
The SOL/BTC pair is a significant indicator for traders because it allows them to measure Solana’s relative strength vs the world’s top cryptocurrency. A bullish trend in this pair means that SOL may outperform Bitcoin in the future, bringing more investors into the Solana ecosystem.
Hit the Bullseye: Short-Term Breakout Signals Point to $150 Target
Trader Captain Faibik has detected a bullish pennant formation on the 1-hour SOL chart. This technical pattern typically precedes a major upward rise, with Captain Faibik anticipating a breakout near $150.
Pennants are regarded as continuation patterns, which means they typically move in the direction of the current trend. With SOL currently in an upward trend, a confirmed breakthrough from this pennant could offer the catalyst for the cryptocurrency to attempt higher price levels.
Riding the Wave: RSI Teeters on Overbought, But Momentum Keeps Surging
The daily chart Relative Strength Index (RSI) for SOL is currently at 68.27, indicating strong bullish momentum. The RSI is a prominent momentum indicator that analyzes the pace and shift in the market’s movements. Readings above 70 indicate overbought situations, while readings below 30 indicate oversold conditions.
While an RSI of 68.27 is not yet in the overbought zone, it does suggest that bullish momentum is increasing. Traders should be mindful that as the RSI reaches 70, there is a higher risk of a short-term reversal or consolidation before the uptrend begins.
Summing Up
As Solana expands its network of businesses and attracts new projects, rising curiosity from traders and investors could cause another round of adoption and price rise. With technical indicators flashing optimistic signs and notable traders setting their sights on higher price objectives, SOL appears well-positioned to benefit from the cryptocurrency market’s overall favorable outlook.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
