Solana: Ready for a Bullish Breakout?

With Bitcoin still valued above $87,000, Solana, the sixth-largest cryptocurrency, sells for $138. After a 4% increase in seven days, Solana's market value comes out to be $71 billion.

It faces resistance above $140 even if it suggests a trend reversal. Will the optimistic battle result in a $150 breakthrough rally? Is the retest with $131 unavoidable? Verify.

Solana price study reveals a daily chart with a positive declining wedge breakout. Solana travels to $140 in the wedge breakout rally. This is the reason prices have climbed over thirty percent in two weeks.

Fibonacci calculations suggest that at $131 the breakout rally recovery run had passed the 23.60% retracing. The run of recovery also preserves signal line positivity and MACD.

This points to a protracted gold run. Solana breaches the Supertrend signal red line at $136. Technical indication suggests that this starts a new positive trend.

Bulls are unlikely to hit $150 as the 23.60% Fibonacci level breakout run falls short of $140. This considerable resistance level corresponds to the 38.20% Fibonacci retracing.

Solana may have a continuous return rise with a post-retest reversal from 23.60%. The $150 breakthrough should ideally land at $185 at the 61.80% Fibonacci retracing.

On the other hand, the 23.60% Fibonacci breakdown may hit $120.

As Solana gets ready for a protracted march, active addresses on the network go higher. April saw active addresses on the network rising from 2.97 million to 4.01 million.

Bullish momentum over $136 points to Solana price breakthrough above $150.

Solana demand might be raised by this great increase of activity.

The open interest future market for Solana climbed 1.66% to $5.38 billion. As Solana heals, traders are more interested.

The negative funding rate declined to -0.0051% during the last 24 hours. On good recovery chances, long Solana derivative bets have hit 50%.

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