Solana Outperforms Ethereum, Bullish Trend Predicts $200 Mark Soon
The Essentials in Brief
Solana (SOL) is showing impressive performance in the crypto market, with a strong increase in network activity and trading volume that even eclipses Ethereum (ETH). The price structure of Solana is decidedly bullish, and analysts see an easy reach of the $200 mark. But how far can the rally go? With a look at the Fibonacci extension levels and the current market sentiment, we illuminate the key indicators that are decisive for Solana’s upward path.
Solana’s Bullish Market
The number of active wallets on Solana has increased in the last week, while Ethereum’s has declined. This increase in network activity, combined with a rise in trading volume, underscores Solana’s growing popularity and acceptance. After breaking through the price range in mid-May, with a temporary rise to $188.9, Solana has stabilized above the important support mark of $160. The Fibonacci retracement levels suggest that the bulls are in control, with the next target at $210. Furthermore, the marks of $236 and $279 could serve as profit-taking points.
Technical Indicators and Market Sentiment
The Relative Strength Index (RSI) on the daily chart remains above the neutral value of 50, indicating a continuing bullish momentum. A notable observation was the increase in open interest from $2.1 billion to $2.2 billion in early June, despite a price drop from $168 to $162. This initially indicated a bearish sentiment. However, this trend quickly reversed, and both open interest and price showed an upward movement, suggesting a bullish market sentiment. The breakthrough above the resistance at $170 led to the liquidation of short positions and fueled further gains.
Our Assessment
The current developments and technical indicators signal a strong bullish trend for Solana. The increase in network activity and surpassing Ethereum in terms of trading volume are clear indicators of growing confidence in Solana. While the short-term target is $210, the next targets of $236 and $279 could be within reach, provided trading volume continues to increase and supports the bullish momentum. However, investors should closely monitor market conditions and base their investment decisions on sound analyses and current market indicators.
Sources: AMBCrypto, Coinalyze
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