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Cryptocurrency News Articles
Solana (SOL) Price May Break Above Consolidation Soon as SUI & SEI Prices Inflate
Sep 28, 2024 at 03:44 am
SUI & SEI prices have been inflating heavily in the past few days which has grabbed the huge attention of the market participants
The prices of SUI and SEI have soared in recent days, attracting the attention of market participants.
While Solana's price has remained relatively stable, it is expected to experience a significant rally soon.
Solana, which entered the crypto market as a strong competitor to Ethereum, is frequently compared to other chains such as SUI and SEI.
These tokens have surged over 150% in a short period, capturing the interest of traders.
However, Solana's price seems to be taking a break after rising above $150.
As the current trade setup remains bullish, let's examine when the Solana (SOL) price rally might conclude the ongoing consolidation.
The SOL price has shown a strong recovery, breaking above its resistance for over six months and attempting to validate a rise above the prevailing descending trend.
Once the consolidation concludes, the Solana price is likely to rise and set new highs.
However, for this to occur, the bulls must prepare for a slight increase in activity.
In the short term, the SOL price has completed a parabolic recovery, which resembles a cup and handle pattern but in reverse.
Therefore, the SOL price may break out from the consolidation if it encounters the resistance zone or the neckline at $160.11 and $162.33, respectively.
If it fails to do so, it may experience minor rejection,跌回 $140 and undergo a parabolic recovery to complete a head & shoulder pattern, ultimately leading to a bullish breakout.
Hence, the bulls are preparing to trigger a strong rise beyond $180 in the coming days or October 2024.
This move is expected to propel Solana (SOL) price above the bullish influence, which may further elevate the levels beyond the yearly highs at $200.
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