🔥 #Solana Gains 12%—Will $200 Be the Next Stop? 🚀🪙
Solana has risen an amazing 12% this week, following the wave of the larger cryptocurrency gain to challenge important resistance levels at $180.
The rise happened at the same time as the fundamentals on-chain became stronger. For example, the Total Value Locked (TVL) grew from $6 billion to over $9 billion, and the number of active wallets that returned to the network grew to over 3.3 million.
Technical analysis shows that SOL is in a very important fight between discount and premium zones, and it is now testing equilibrium around $185.
The cryptocurrency has been trading in a band of $145 to $175, but recent price movements signal that this consolidation may be coming to an end and going higher.
Changes in character signals throughout March and April suggested a possible trend reversal. This was followed by Break of Structure confirmations, which showed that there was demand at lower levels.
Long-term analysis shows an amazing cup and handle pattern that has been forming for years. This puts SOL in a good position to break out and reach all-time highs of $295.
The 4-hour chart for Solana reveals that SOL is pushing the upper limit of its equilibrium zone, with $193 being the most important resistance level and the level at which it might break out.
The volume profile analysis shows a robust support base, as seen by the high-volume nodes around $145.
When trade is thinner above present levels, it usually leads to faster movements after resistance is broken.
The Federal Reserve's pause and the market's estimates for 30 to 50 basis points of reduction by the end of 2025 make it easier for high-beta assets like SOL to get cash.
After breaking above $92, the next objectives are the resistance levels at $215 and $250. Analysts think the price might go as high as $285, $330, and $400
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