Solana Steering Higher, SOL Bulls Predict Prices to Reach $240
Solana is up the crypto ranks, flipping Polkadot and Dogecoin to seventh.
It was inevitable and expected, at least considering the tremendous gains of August 2021, which spilled over to September.
At the time of writing, it is without a doubt that the coin is one of the top performers, according to coin trackers.
Solana Market Performance and Status
While Bitcoin is struggling to overcome the resistance at $51k, SOL prices are double digits, adding 23 percent on the last trading. It is an immense development, a net positive for buyers who, for a moment, though SOL upswing had stalled.
However, at spot rates, it is clear that SOL buyers are determined, pressing for even more gains in the days to come. As it is, the coin would likely post a wide-ranging bull bar marking the close of the week and a strong foot forward in September.
Technical candlestick arrangements are supportive of Solana buyers. The double-digit gain of the last trading day has high trading volumes—a deserving prop necessarily to spark momentum and volatility.
Besides, the trading community appears to be banking on the coin’s fundamentals. As of writing, SOL bull bars are banding along the upper BB, indicating high underlying demand—building momentum necessary to thrust SOL to new H2 2021 territories.
Out of this, traders are upbeat, overly confident, and expecting nothing but a moonshot for SOL. Based on the Fibonacci extension levels of the H1 2021 trade range, the odds of SOL prices reaching the 2.618 level at $150 are high.
This, as per the Solana technical analysis, is the immediate bull target, while $95 is the support level for ambitious buyers.
A “Great Buy Opportunity” for Solana Intra-Day Traders
This is the view of a trader on Trading View. The analyst picks a pattern which he thinks offers a great buy.
Accordingly, the trader thinks SOL prices could, in the subsequent sessions, tear higher to over $150.
He observes that SOL prices could, nonetheless, consolidate as per price action in the daily chart.
If the 21-day WEMA continues to act as the dynamic support, the odds of buy trend continuation towards $166 could be on the cards for aggressive SOL traders.
Solana Road to $240?
On Trading View, another trader is convinced the Solana price action is aligned for a moonshot, roughly doubling from spot rates to over $240.
As from the 12-HR price action, the analyst picks out the 50-period moving average as the ideal support level. In his view, there is a bearish divergence pattern that may slow down bulls, forcing a retracement. Even if it does happen, SOL would likely rebound strongly, charting to new territories at over $240.
The uptrend would be invalid once SOL contracts below the recent consolidation at around $95, further falling below the moving average—the dynamic support—at around $80. Such a move below critical support levels would undoubtedly cancel SOL bulls’ hopes.
SOL Bullish Continuation Traders
Meanwhile, another trader on Twitter thinks SOL buyers are just getting started as per the analysis in the 4HR chart.
#SOL $SOL /USDT 4H TF; it's printing another ascending triangle, more bullish continuation soon pic.twitter.com/mSdquTB2ED
— ❖RATICOIN📈 #BNB 1000 USD (@Raticoin1) September 2, 2021
The analyst observes that the coin is within an ascending wedge. In his view, bulls might break above immediate resistance levels, thrusting SOL even higher in a bullish continuation pattern.
Charts courtesy of Trading View
Disclosure: Opinion is that of the author. Do your own research.