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Solana Lift-off, Is SOL Ready for An Impulsive Wave To $150?

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Solana is on steroids, quite literally. As Bitcoin and ETH struggle in the face of sellers, SOL is cementing its position at tenth.

The chain, a high throughput platform purposely released to compete with Ethereum and be a choice platform for DeFi dApps looking to launch in a scalable, low-fee environment, is finding its mojo.

Solana Market Performance and Status

As per the SOL candlestick arrangement in the daily chart, the token is bouncing strongly, registering a new all-time high at the time of writing.

Notably, the recovery follows a period of a temporary scare when prices retraced from all-time highs early this week before shaking off bears.

Now buyers are firmly in control—pumping prices above key resistance levels and forcing SOL into new 2021 territory.

Technically, this is quite a feat for the project that’s barely two years into the game. Notably, it now has high-profile investors and projects on its corner.

Solana Daily Chart for August 27

As per the Solana candlestick arrangement in the daily chart, SOL prices are within a bullish breakout pattern.

In a move pleasing to traders, the shake-off bears mid this week, and the realignment of bear bars near—and along the upper BB–signal strength.

Accordingly, Solana bulls would likely double down, searching entries in lower time frames, further driving prices higher in a welcomed lift-off.

Technically, the first bull target is at $95—the 1.618 Fibonacci extension level of Solana’s H1 2021 trade range.

If buyers come of top—and they will—the trend could see SOL soar to a three-digit level above $150, pushing higher the crypto market cap leader-board.

Solana is Forming a Bullish Continuation Pattern

Based on price action in the 1-HR chart, one trader on Trading View said the coin is forming a bullish continuation pattern.

Solana Target $90

Specifically, the analyst observes that Solana prices have already broken above the descending wedge—the bull flag. Presently, it is galloping head along towards new H2 2021 levels.

The analyst predicts the coin to top $90 in the short term.

At the time of writing, SOL prices are trading at new all-time highs.

Solana buyers appear hungry for more, validating the trader’s analysis for more wriggling space for determined SOL traders.

SOL Can Double to Over $150

Traders are overly upbeat.

On Trading View, yet another trader thinks Solana’s technical conditions form a good anchoring ground for the coin to double, rallying to over $150.

Solana to $150

The analyst notes that SOL has already expanded 150 percent in the last trading month. Accordingly, it is quite literally outperforming every other asset, including BTC and ETH.

Subsequently, it is thrusting its valuation to new levels, behind the scene drawing more investors reading from expanding trading volumes.

Now that prices are trading at new all-time highs, the trader predicts SOL bulls to step up. Subsequently, this could drive the coin above $90 to $115 and even $150 in the medium term.

A significant factor driving demand, the trader emphasizes, will be the level of participation.

Trading volumes—a gauge indicating interest from investors—must rise as a precursor, fueling the wave higher above the immediate expected reaction points of $90 and $115.

Already, bots are picking out the interest of Solana coin from buyers.

There was a notable uptick in trading volumes as buyers flocked to Gate.io.

Charts courtesy of Trading View

Disclosure: Opinion is that of the author. Do your own research.

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Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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