Solana has been on an uptrend since rebounding from the $122 mark in September. Recently, the SOL token broke past descending logarithmic resistance to test the psychological $200 level. This breakout also hints at a possible parallel rally alongside BTC. Moreover, technical analysis indicates that Solana’s RSI is at 72, signaling the beginning of a parabolic run.
However, despite SOL’s bullish outlook, analysts also caution that the Solana price might pull back to around $180 in the short term. Once its support level has been tested, the altcoin will resume its uptrend momentum, aiming for high price targets, including the $500 mark, as outlined by Inmortalcrypto. With its recent price performance, Solana has already claimed the fourth-largest market cap position, outshining Binance Coin.
Solana Bullish Momentum Catches Analysts' Attention: Is $500 A Possibility?
Solana’s price is nearing the $206 mark as it trades around the $204 mark, having recorded a weekly surge of over 18%. This signals rising confidence in the altcoin’s high-speed blockchain. Moreover, the SOL token has also recorded a significant YTD of over 374%, with current technical indicators suggesting the token is experiencing a third wave of a bullish cycle that started several weeks ago.
This phase is usually marked by the strongest uptrend momentum, with support near $175 key to preventing a temporary dip. However, Solana’s break past the $200 mark will likely spark fresh highs for the SOL token. Additionally, the 2024 US election marked a significant increase in pro-crypto lawmakers, with over 250 crypto-supportive representatives in Congress. This move signals growing legislative support for digital assets.
With the pro-crypto wave and Solana’s solid technical indicators, including the MACD and signal lines, which have produced a bullish crossover, expectations remain high for Solana as analysts welcome the idea of further gains according to its impressive chart, which could see the SOL price prediction for 2024 surpass market expectation. Moreover, the 50 and 200-day SMA lines have confirmed a golden crossover, a sign of a continuous bullish trend.
Lunex Network Surges By Over 66% in Its Presale Stage
Lunex Network gears to be more than just another decentralized exchange. The project operates a fully non-custodial platform, allowing seamless transactions of over 50K assets. This means near-instant transfers within major blockchains, including Ethereum, Solana, and Bitcoin.
The project also offers a unique portfolio tracker for effortless asset management across different classes, including stocks, crypto, and bonds. This tracker has built-in data feeds and analytics, giving users the most relevant information. Lunex Network’s premium subscription service, Lunex Pro, also grants access to advanced trading features and tools, including cashback on each transaction and AML wallet checks.
These features have already contributed to an LNEX price surge of over 66%, from an initial starting price of just $0.0012 to $0.002.
You can find more information about Lunex Network (LNEX) here:
Written by seasoned experts, who have over 16 years of experience in Free Zones development. Learn more.
Website: https://lunexnetwork.com
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