Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Solana has outrageously pumped over the last few days and has since been in the limelight as the price soars by 21.55% over the last 24 hours.
Now trading at $11.83 investors begin to wonder if there could be more upside potential for Solana or whether a short term correction might be due.
Could Solana be the next 10x crypto?
Consolidating just below $12 Solana crypto has developed a strong level of bullish momentum over the weekend.
From a technical analysis perspective Solana has entered an overbought territory on the 4 hour relative strength index.
Additionally, Solana crypto has forged a bearish reversal pattern known as a rising wedge on the price charts where we could potentially see a loss of price structure and negative price momentum.
A key level of support Solana needs to now respect is around $11.21. If this particular level of support is broken then we could see negative continuation down to the previous swing high of $9.85 and $7.89.
Charts such as the SOL/BTC trading pair could suggest that Solana is making strong moves against Bitcoin right now.
Long term this particular macroview looks rather bullish and there could potentially be strong upside by the next crypto bull run.
Solana has bled out against Bitcoin over the last year but we can see this week there has been a very strong green weekly candle.
This particular pattern is a descending channel which is known as a bearish continuation. Traders might speculate a pump to the upside by the next alt-season to around $0.0012 (SOL/BTC).
Typically it is wise not to chase green candles, especially in a bear market as this could incur major losses.
Solana has fantastic fundamentals and the potential to 10x over the next few years from current price levels.
If you’re looking for short term gains you may want to turn your head towards presales or ICO’s which have proven to be very lucrative during the crypto winter.
A quick 3min read about today’s crypto news!
A quick 3min read about today’s crypto news!
