Investing.com - Financial Markets Worldwide
⚠ NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Solana In Price Discovery Mode After New All-Time High

ByCrypto Briefing
AuthorAli Martinez
Published 10/26/2021, 01:33 AM
SOL/USD
-

The SOL token could see a further 15% rise.

Key Takeaways

  • Solana just made a new all-time high of $218.
  • As SOL enters price discovery mode, more upside can be expected.
  • A particular technical pattern projects prices to rise to $250.

Solana continues heading north after breaking all resistance levels that prevented it from achieving its upside potential. Given the lack of opposition ahead, the SOL token is primed for further gains.

Solana Makes New All-Time Highs

Solana has breached previous all-time highs and is back in price discovery mode.

Achieving such a milestone was not easy as the sixth-largest cryptocurrency by market cap entered a stagnation period after reaching a record high of $216 on Sept. 9. Its price action has been characterized by a series of lower highs and higher lows that led to the formation of a symmetrical triangle on the 12-hour chart.

A sudden spike in buy orders on Oct. 20 allowed Solana to break out of its consolidation pattern. Although prices have risen by more than 34% since then, SOL may still have more room to go up. The measurement of the triangle’s y-axis added to the breakout point anticipates another 15% upswing.

If validated, further upward pressure could catapult Solana towards $250 or higher.

Solana 12-Hr Chart

It is worth noting that speculators could be anticipating a bullish announcement at Solana’s upcoming Breakpoint conference in early November. However, if the conference fails to meet traders’ expectations, a “sell the news” event might occur, increasing the downward pressure on Solana.

A correction might materialize under such circumstances, pushing the SOL token back towards the $195 support level.

Original Post

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.