Summary
- Solana (SOL) has broken through the upper resistance line of the Descending Parallel Channel, indicating a high possibility of a continued uptrend.
- Solana surpassing the 20-day Exponential Moving Average (EMA) suggests positive market sentiment.
- If Solana breaks the $219 resistance line, it could reach an all-time high.
An analysis has emerged suggesting that Solana (SOL) is likely to continue its upward rally.
On the 2nd (local time), BeInCrypto reported, "Solana has broken through the upper resistance line of the Descending Parallel Channel," and stated, "There is a high possibility that Solana's upward trend will continue." It further noted, "Solana is also surpassing the 20-day Exponential Moving Average (EMA), reflecting increased demand and positive market sentiment," and added that the Moving Average Convergence Divergence (MACD) indicator also recorded a bullish crossover, indicating the potential for further gains.
The media outlet mentioned, "If Solana breaks through the $219 resistance line, it could reach an all-time high," and reported that "despite the recent large transfers of Solana from Pump.fun, strong demand is offsetting the selling pressure."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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