Solana (SOL), the sixth-ranked cryptocurrency by market capitalization, is on the verge of a golden cross breakout. According to Solana’s technical chart, the asset could potentially surge above $170 if market forces align with its 9-day and 21-day moving averages.
Solana golden cross setup sparks optimism
Notably, the current setup has Solana’s lower price level pegged at $141.15 with an average mark of $147.66. Solana is currently trading above a crucial inflexion point, which appears to be a readiness for a bullish breakout ahead.
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As of this writing, Solana price was trading up by 3.68% at $147.27 in the last 24 hours, according toCoinMarketCap. The coin rose steadily from a low of $140.47 to the current level as the market turned green. This marks a shift from the poor performance of the last seven days, during which the price dipped to $126.
Investors are yet to actively engage in trading activities as volume remains in the red zone. There has been a significant decline of 9.11% to $3.19 billion.
If this metric sees an uptick, Solana's golden cross formation suggests that SOL could reach a high of $172.51 in the midterm. This implies that Solana has the potential to record an approximately 17.2% increase if holders in the ecosystem reignite their acquisition appetite.
Binance traders betting long on SOL
The current rebound move by Solana was teased by the asset’s Bollinger Bands, which signaled that SOL could hit $164. The coin appears poised to attempt this push as long as it receives the support of its users. SOL has shown promise and increased in value.
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Meanwhile, in the broader crypto space, there are bullish signals for Solana. A notable indication is with Solana traders on Binance. Data reveals that traders are betting long on the asset, suggesting growing optimism in the community.
What the coin needs is sustained activity from users in the market to guarantee a spike in price.
