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In a remarkable display of bullish momentum, Solana (SOL) has charted an impressive 10% rise on the weekly scale, outshining its counterparts in the cryptocurrency market. The recent surge in Solana’s value has caught the attention of traders and investors as the altcoin continues to showcase a sustained upward trajectory.
While not unprecedented for Solana, this upward movement has unfolded over the past week, indicating the potential for a more focused and deliberate climb.
Source: Coinmarketcap
SOL’s strategic retreat from a resistance point was a calculated maneuver, subsequently finding solid support within the confines of a bullish order block (OB) situated at the $22 mark. This strategic shift in momentum has laid the groundwork for a renewed uptrend as SOL navigated its journey from the formidable $29 price level to the critical bullish order block at $22.
An in-depth price analysis underscores the pivotal role of this order block as a key inflection point, potentially heralding a reversal of fortune for the altcoin.
Mixed Signals In Solana Technical Analysis
As of the mostrecent databy CoinMarketcap, SOL is presently trading at $25.00, boasting a nearly 2% increase in the daily chart. It is important to note that the prevailing sentiment, as gauged by various technical indicators, leans toward a neutral stance, accompanied by a Fear & Greed Index reading of 18.88, indicative of extreme fear among market participants. Consequently, the current forecast for Solana suggests a “Hold” position at the moment.
On August 12, 2023, an intricate web of technical analysis indicators presented a mix of bullish and bearish signals, resulting in an overall sentiment that can be characterized as neutral in the context of Solana’s price predictions.
Over the course of the past 30 days, Solana has experienced a slight decline of -2.52%. Despite this minor setback, there is a cautious optimism for a modest recovery in the forthcoming month.
Projecting ahead, by the conclusion of August, the value of Solana is anticipated to witness a substantial surge of approximately 119.39%, potentially propelling it to a price point in the vicinity of $54.93.
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