Solana

2024

Tate

Sherpa

Optimism

As the cryptocurrency market experiences its typical ebb and flow, Solana (SOL) draws particular attention from analysts who anticipate significant movements in its price. 
Currently, Solana is trading just below $150, but recent analyses suggest a potential for a <a href="https://twitter.com/ali_charts/status/1800918230359240720?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">substantial increase</a>. 
<h2 id="solana-eyes-major-surge-as-key-technical-patterns-emerges">Solana Eyes Major Surge As Key Technical Patterns Emerges</h2> 
According to well-known crypto analyst Ali, Solana would surge higher by 53%, with Ali pointing to an ascending triangle pattern that could be a sign of a coming bull rally. 
<img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GP34cHxXYAAoADA?format=jpg&amp;name=medium" alt="Image" width="1200" height="821"> 
This pattern is usually bullish, indicating that Solana could see significant gains if it can keep its momentum going and break above this <a href="https://www.newsbtc.com/news/solana-searching-for-direction-will-sol-break-free-or-fall-flat/" target="_blank" rel="noopener ">upper resistance level</a>. 
On Solana’s chart, Ali recommends watching $143 support and $178 resistance in the short term. Such levels are important in defining the short-term direction of the asset in the market. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Solana</a> is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$SOL</a> trend. <a href="https://t.co/SB9tJ6D02u" target="_blank" rel="noopener nofollow">pic.twitter.com/SB9tJ6D02u</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1800918230359240720?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">June 12, 2024</a>
</blockquote> 
The support could turn resistance and vice versa. If the price holds from the support or breaks past the resistance, this would trigger the anticipated <a href="https://www.newsbtc.com/news/solana/solana-sol-maintains-bullish-trajectory-above-100-day-sma-rally-looms/" target="_blank" rel="noopener ">bullish price action</a>. 
Ali said such a breakout from those technical levels could spur more than 50% higher in Solana’s market value, aligning with how other assets have behaved with similar patterns seen previously. 
Currently trading just above $146, Solana has <a href="https://www.newsbtc.com/news/solana-tough-climb-150/" target="_blank" rel="noopener ">experienced a 7.6% drop</a>, adding to a nearly 20% loss from the previous week. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/Bbg3YKGy/" alt="Solana (SOL) price chart on TradingView" width="2770" height="1496"> 
A prominent crypto analyst commented on this trend, suggesting that Solana will likely continue experiencing fluctuations between $185 and $120, indicating a prolonged consolidation phase. 
This stabilization is viewed as a natural correction following its recent significant rally. The analyst remains optimistic about the future, “expecting bigger things later.” 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$SOL</a>: I think SOL is just going to keep chopping around personally between $185 and $120. It’s a big range overall but I think we just continue to see a prolonged period of consolidation. It’s healthy to see this after that huge run to be honest, expecting bigger things later <a href="https://t.co/aGNtVnBgDP" target="_blank" rel="noopener nofollow">pic.twitter.com/aGNtVnBgDP</a> 
 — Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1800857329828835644?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">June 12, 2024</a>
</blockquote> 
<h2 id="network-activity-fuels-optimism">Network Activity Fuels Optimism</h2> 
The optimism for Solana’s price increase is not solely based on technical analyses. NewsBTC has recently cited on-chain data from IntoTheBlock, which shows that daily active addresses on Solana increased by about 1.1 million <a href="https://www.newsbtc.com/news/solana/solana-return-of-bullish-sentiment/" target="_blank" rel="noopener ">on the 11th of June</a>. 
This type of high level of network activity usually foreshadows price increases since it suggests an increased use case and actual adoption by users. 
The cultural impact on Solana’s market position is also noteworthy. So far, not only investors have eyed the network, but also <a href="https://bitcoinist.com/expert-explores-famous-stars-impact-on-crypto/" target="_blank" rel="noopener nofollow">celebs</a> – Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate have all hit the platform, among others. 
This celebrity endorsement can help increase the curiosity and <a href="https://www.newsbtc.com/news/solana/major-listing-propels-this-solana-ai-based-token-to-new-peaks-beyond-5-is-it-time-to-buy/" target="_blank" rel="noopener ">hype concerning SOL</a>, which in turn will more likely increase the number of users and more likely investors who will adopt Solana. 
Featured image created with DALL-E, Chart from TradingView

Solana Set To Soar? Analyst Predicts Over 50% Surge For SOL If This Key Support Holds

Table of Contents

NewsBTC

Other articles published on Jun 14, 2024

PEDRO Price Surged Over 18% Intraday: Did The Sell-off Stop?

Bitcoin Reclaims $67,000 and Limits Losses in Altcoins

Solana ETF Approved (SOLAPPRO) to Explode 9,000% Before KuCoin Listing, as Shiba Inu, Bonk and Do...

MoonBag Raises Over $2M as the Top Crypto Presale in June 2024: How Staking Rewards are Luring In...

MoonBag Meme Coin Soars with $2.2M Presale, Dwarfs BitBot and Toncoin with $3.5M Liquidity Fundin...

Fed’s Actions Impact Cryptocurrency Markets

Join our free newsletter for daily crypto updates!