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Price Analysis

Solana Bulls Pumped, SOL/USDT Could Break Above $50 for a Leg Up to $60

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Crypto is dense with projects, and Solana is one of the most visible out there.

A measure of its depth and breadth is the ability of Solana bulls to rebuff bear attempts.

The same sellers have shaken Bitcoin and ETH to the core, judging from price action in the last few days.

Contrary to what would have happened to “altcoins” per se, the coin is firm and easing path established behemoths.

The Rise of Solana: Feeding off Ethereum Gas Problems

For perspective, SOL is up 20 percent against the greenback on the last trading week and trending at a near all-time high.

If anything, SOL/USDT technical analysis favors ready for the next leg up by the look of things.

Still, we must look at both sides of the equation—and at least paint out a fun fact about crypto and DeFi traders.

ETH Gas prices are off the charts now, and Ethereum looks pretty ugly to trade on. Solana and other high-performance chains—of which there is an element of sacrifice on decentralization—are attracting big business.

As Ethereum is bogged down, Solana has both the money—contributing $60 million to grow its ecosystem in among other countries Russia—and the media attention.

In a recent piece, TechCrunch said top crypto investors are tracking Solana because it is “faster than Ethereum.”

Solana Price Could Reach $60

And it is along this vein that some traders expect Solana prices to post more gains in the days ahead.

EXCAVO, in Trading View, says Solana is one of the fastest-growing ecosystems. This positivity is spilling over to the SOL/USDT technical analysis.

Excavo--Solana price

From price action in the daily chart, SOL is moving in a rising channel.

Following this interest from the investment and trading community, the odds of SOL breaking above the upper resistance trend line and surging to $60 is on the cards.

Another trader, T_V_TreeTrader, early last week noted SOL/USDT upward potential.

T_V_TreeTrader--Solana Price

He quickly picked out hints of bullish momentum in the daily chart, including the bullish divergence pattern on the MACD and the broadening wedge, which he says is a “good pattern for bulls.”

Technically, this was sound. From May 16 price action, SOL bulls appear ready for another breakout above May 2021 highs towards $55 and $60 in the medium term.

$60 is a target Solana bulls are screaming for, according to drN2keul on Trading View.

drN2keul--Solana Price

His forecast is from the 45 minutes chart and related events that build a solid case for SOL.

Notably, he cites the OBV indicator—a tracker of trading volumes—and the spike of participation in the past few sessions.

The upsurge in prices is with interest from the broader trading community.

For this, he projects SOL/USDT prices to reach $60 within a week.

SOL/USDT Price Accumulation

On YouTube, Crypto TD projects the Solana price to reach $66 in the short term.

He notes that the SOL/USDT price is in range with identifiable reaction points between $40 and $50.

At the same time, SOL/USDT prices have support at crucial moving averages—the 21, 55, and 200 periods EMAs—in the 4HR and the daily chart.

Therefore, if the current accumulation turns out to be the launching pad of buyers, the coin can quickly clear $50 and rally to $60.

Disclaimer: Opinions expressed are not investment advice. Do your research.

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