CandleFocus Solana Price Targets $200 as Bulls Gain Momentum: Time to Buy SOL?
2024-10-29
Author: Content Editor
The bullish trend of Solana (SOL) is expected to exceed $200 as the crypto market enters a bull run. Positive technical signals and bullish patterns indicate potential for further upside. Solana's price action shows a recovery rally and an inverted head and shoulders pattern, with the breakout occurring at the 50% Fibonacci level. The altcoin has surged nearly 30% and a golden crossover between the 50-day and 200-day simple moving averages suggests a positive trend. Solana's price has formed consecutive bullish candles and is poised to challenge the 78.60% Fibonacci level. The uptrend is likely to continue towards the 100% Fibonacci level. The rising prices form an ascending channel pattern and are supported by the 50 SMA on the 4-hour chart. If the uptrend surpasses the overhead trendline, the bull run is expected to reach the 100% Fibonacci level.
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