Solana forecasts significant growth

The cryptocurrency of the Ukrainian developer is predicted to grow significantly

According to analysts, Solana is gaining bullish momentum above $ 110. The SOL price is showing positive signs and may even exceed the resistance level of $ 118 in the near future. SOL $256.34 Solana -0.35% Market capitalization $121.68 billion VOL. 24 hours $1.33 billion has formed a base above the $ 98.50 support zone and has recently started a new rise above the $ 102 and $ 105 levels. On the 4-hour chart of the SOL/USD pair, there was a breakout above the main bearish trend line with resistance at $ 108.80. The bulls pushed the price above the 50% Fibo retracement level from the downward movement.

Solana is now trading above the $ 110 and $ 100 simple moving averages. The immediate resistance is at $ 111. The next major resistance is at $ 114, or the 76.4% Fibo retracement level of the downward movement from the high of $ 118.70 to the low of $ 98.54.

According to Altcoin Sherpa, the price of Solana will rise significantly in 2024. The bullish breakout of SOL from the triangle confirms the beginning of the fifth wave. In this case, the token could rise by 45% to the next resistance at $ 145. Despite such a bullish outlook for the SOL price, a bearish breakout of the triangle could trigger a decline of more than 30% to the nearest long-term support at $ 69.