With the large gamers like Bitcoin and Ethereum turning optimistic this week, the altcoins are selecting up the bullish tempo. Being one of many high performers, the SOL worth is teasing a excessive momentum reversal rally to cross the $100 barrier.
With a breakout, a retest, and a bullish sample within the pipeline, Solana is making ready for a large run in February. Amidst the rising anticipations and the rising volumes, the altcoin is turning into the selection of the week.
The bullish sirens elevate curiosities like, will the SOL worth attain the $1000 mark? Try our Solana worth prediction to study extra in regards to the long-term image.
Supply – TradingView
Beginning with a morning star sample on the $80 mark, near the 38.20% Fibonacci stage, the bullish development in Solana picks up momentum. Amidst this restoration development, the SOL worth manages to conclude the short-term decrease excessive formation.
Breaching the short-term trendline, the Solana worth development enters a retest part and completes it with a morning star sample. At present, the SOL worth trades at $99.20 with an intraday development of 1.47% and teases a development continuation,
Because the consumers are making ready to reclaim the $100 mark, the probabilities of a bull run are growing in February.
Technical Indicators:
RSI Indicator: The day by day RSI line sustains above the midway line signaling a robust underlying bullish sentiment.
Will SOL Value Rerun To $125?
With the continued restoration, the SOL worth development is poised for a possible substantial bull run, growing the probability of surpassing the $100 mark as soon as extra. This favorable scenario affords an attractive entry level for sideline merchants, permitting them to capitalize on the present worth stage. Probably profit from the anticipated surge within the SOL market.
In distinction, if the essential $80 assist stage fails, it may set off a extra important correction. This state of affairs means that the market may dive quickly and probably attain as little as $50.
Analyst Expects $SOL To Hit $140
#Solana is prepared for upward continuation right here.
After the preliminary push upwards, there’s at all times a interval of consolidation, and it appears it is ended.
The next timeframe assist check at $80 supplied assist.
Appears possible we’ll be persevering with in the direction of $140. pic.twitter.com/5DRQaRhbZh
— Michaël van de Poppe (@CryptoMichNL) January 28, 2024
Michael, an analyst with 691.6K Followers on platform X, expects the SOL worth to hit $140 because it reverses from $80. Amidst this restoration, the probabilities are supporting the bull run past $100.