SOLANA PRICE ANALYSIS CMP-$22.40:Is This the Start of a Bullish Trend?

SOLANA is currently trading above the rising channel pattern

Solana's price has been displaying a series of continuous green candles, exhibiting resilience in the face of market sentiment and the trends observed in other major tokens. Over the past few days, the price of Solana has experienced a remarkable 40% surge, indicating a significant boost in bullish momentum for the cryptocurrency in the short term.

On The Daily Chart:

Yesterday, the price of SOL exceeded the upper trendline of its rising channel. This breakout suggests a possible bullish trend for SOL, indicating positive prospects for the cryptocurrency. Moreover, the SOL/USD trading pair has successfully surpassed the $21 resistance level, implying the potential for an upward trajectory in SOL's price. Confirmation of the bullish momentum would occur if the price manages to break above the $24 resistance level.

On The 4-Hour Chart:

The SOL/USD 4-hour chart is showing a bullish sentiment. The price has surged above $22.00, which is a 15% increase. This puts the price in a positive zone. The price breakout was accompanied by a significant breach of a major rising channel as well as  Presently, the price has broken through a bearish resistance line that has held strong for a couple of months. This could potentially serve as a significant indicator of increasing volatility, which could ultimately work in favor of cryptocurrencies in the long run. Such a development is considered bullish, implying that the price may continue its upward trajectory in the foreseeable future.

Based on Price Analysis, the market capitalization of this SOL is $8,959,282,860. The 24-hour trading volume of the coin is around $830,509,365.

KEY LEVELS :

RESISTANCE LEVEL : $23.00-$24.00

SUPPORT LEVEL : $21.30-$20.30

Does Solana's breakout from the channel indicate a sustained upward rally, potentially leading to a surpassing of the $25 mark by the end of June? Please share your views in the box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.