TLDR
Currently trading at $152, Solana is nearing the golden ratio resistance level at approximately $170, with only a 10.6% gap to bridge. A breakthrough at this crucial level could signal the beginning of a new bullish cycle for Solana, potentially leading it to retest its ATH of around $260, which was recorded on November 6, 2021.
Technical indicators on various timeframes provide a mixed picture of Solana’s price action. On the monthly chart, the Moving Average Convergence Divergence (MACD) histogram indicates an upward trend, with the MACD lines in a bullish cross and the Relative Strength Index (RSI) in overbought territory.
The weekly chart also shows predominantly bullish signals, although the RSI’s presence in overbought territory could potentially signal a bearish divergence.
However, the daily chart displays some bearish signals alongside the bullish ones, with the MACD histogram trending lower despite the MACD lines remaining crossed bullishly. The 4-hour chart presents a similarly mixed picture, with the MACD histogram trending lower and the MACD lines crossed bearishly, while the RSI remains neutral.
Despite these mixed signals, renowned analyst and Real Vision CEO Raoul Pal believes that “Solana is the Ethereum of the last cycle.”
In an interview on the Rug Radio YouTube channel, Pal explained that the current cycle finds itself in the middle of a strong uptrend, which could lead to a 30% pullback in the shorter term.
Regardless, he maintains that 2024 is undeniably a crypto summer year, with Solana having the potential to surge between 235% and 570% from its current level.
Pal’s sentiment is echoed by other experts, such as Zeta Markets Founder Tristan Frizza, who expects Solana to move into the top three blockchains by market cap.
This prediction is supported by Solana’s booming on-chain activities, which have surpassed the likes of Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined.
Institutional investors are also planning for massive adoption, with Pantera Capital considering an investment of $250 million in SOL from FTX.
Additionally, the Solana meme coin market is nearing a $7 billion valuation, representing 10% of the total market.
As Solana continues to navigate the volatile cryptocurrency market, investors and analysts will be closely monitoring its price action and on-chain activities to determine whether the bullish predictions will come to fruition.
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Author: Oliver Dale
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