The price of Solana (SOL) has already led to the formation of a falling wedge pattern and given the breakout from it, the continuation in the breakout is anticipating a 25% potential rise. The main cause of this rally appears to be the increasing interest from institutional investors. Following a turbulent start to 2024, Solana is poised to regain traction.
This asset has been frequently considered a possible rival to Ethereum, and there seems to be a resurgence this week with a 16.05% increase. This renewed interest from institutional investors could be the spark SOL was looking for. In the same way, Solana's technological benefits and flourishing environment are once more capturing the interest of key figures in the cryptocurrency market.
In addition to these positive basics, the theory of technical analysis also backs up the idea of a soon-to-come increase. At the moment, SOL is trading around $146.92, slightly under a significant resistance point of $157. If Solana can surpass this resistance area, it may trigger a bullish surge, targeting $187 based on the falling wedge pattern theory for a potential 25% increase from current prices.
Nevertheless, it is vital to monitor the $137 support level. Dipping below this level could challenge the optimistic outlook and potentially cause SOL to drop to $125 if a breakdown occurs.
Solana appears to be gaining momentum as it attracts investments from both institutional and retail investors, with the tide now in its favor. If the falling wedge pattern is validated, SOL may experience a substantial 25% increase in the coming weeks.
This asset has been frequently considered a possible rival to Ethereum, and there seems to be a resurgence this week with a 16.05% increase. This renewed interest from institutional investors could be the spark SOL was looking for. In the same way, Solana's technological benefits and flourishing environment are once more capturing the interest of key figures in the cryptocurrency market.
In addition to these positive basics, the theory of technical analysis also backs up the idea of a soon-to-come increase. At the moment, SOL is trading around $146.92, slightly under a significant resistance point of $157. If Solana can surpass this resistance area, it may trigger a bullish surge, targeting $187 based on the falling wedge pattern theory for a potential 25% increase from current prices.
Nevertheless, it is vital to monitor the $137 support level. Dipping below this level could challenge the optimistic outlook and potentially cause SOL to drop to $125 if a breakdown occurs.
Solana appears to be gaining momentum as it attracts investments from both institutional and retail investors, with the tide now in its favor. If the falling wedge pattern is validated, SOL may experience a substantial 25% increase in the coming weeks.