Solana Eyes Major Surge As Key Technical Patterns Emerges<\/h2>\n
According to well-known crypto analyst Ali, Solana would surge higher by 53%, with Ali pointing to an ascending triangle pattern that could be a sign of a coming bull rally.<\/p>\n This pattern is usually bullish, indicating that Solana could see significant gains if it can keep its momentum going and break above this upper resistance level<\/a>.<\/p>\n On Solana’s chart, Ali recommends watching $143 support and $178 resistance in the short term. Such levels are important in defining the short-term direction of the asset in the market.<\/p>\n #Solana<\/a> is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the $SOL<\/a> trend. pic.twitter.com\/SB9tJ6D02u<\/a><\/p>\n \u2014 Ali (@ali_charts) June 12, 2024<\/a><\/p><\/blockquote>\n The support could turn resistance and vice versa. If the price holds from the support or breaks past the resistance, this would trigger the anticipated bullish price action<\/a>.<\/p>\n Ali said such a breakout from those technical levels could spur more than 50% higher in Solana\u2019s market value, aligning with how other assets have behaved with similar patterns seen previously.<\/p>\n Currently trading just above $146, Solana has experienced a 7.6% drop<\/a>, adding to a nearly 20% loss from the previous week.<\/p>\n A prominent crypto analyst commented on this trend, suggesting that Solana will likely continue experiencing fluctuations between $185 and $120, indicating a prolonged consolidation phase.<\/p>\n This stabilization is viewed as a natural correction following its recent significant rally. The analyst remains optimistic about the future, “expecting bigger things later.”<\/p>\n $SOL<\/a>: I think SOL is just going to keep chopping around personally between $185 and $120. It’s a big range overall but I think we just continue to see a prolonged period of consolidation. It’s healthy to see this after that huge run to be honest, expecting bigger things later pic.twitter.com\/aGNtVnBgDP<\/a><\/p>\n \u2014 Altcoin Sherpa (@AltcoinSherpa) June 12, 2024<\/a><\/p><\/blockquote>\n The optimism for Solana’s price increase is not solely based on technical analyses. NewsBTC has recently cited on-chain data from IntoTheBlock, which shows that daily active addresses on Solana increased by about 1.1 million on the 11th of June<\/a>.<\/p>\n This type of high level of network activity usually foreshadows price increases since it suggests an increased use case and actual adoption by users.<\/p>\n The cultural impact on Solana\u2019s market position is also noteworthy. So far, not only investors have eyed the network, but also celebs<\/a> – Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate have all hit the platform, among others.<\/p>\n\n
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Network Activity Fuels Optimism<\/h2>\n
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