Solana (SOL) Upswing Towards $200 Soon as Bulls Get Ready
- The 14-day RSI rises over the midline, indicating further upward potential.
- The People’s Bank of China (PBOC) has banned all crypto transactions.
Solana is a protocol for creating decentralized apps (Dapps). It attempts to enhance scalability by combining proof-of-history (PoH) with proof-of-stake (PoS) consensus.
Unique Hybrid Consensus Approach
Solana’s unique hybrid consensus approach attracts both retail and institutional traders. Moreover, the Solana Foundation is working hard to provide access to decentralized finance (DeFi) on a large scale. Saturday, Solana reverses Friday’s brief dip to around $127.50.
SOL bears regained control the day prior, mirroring the general market gloom after China’s blow. The People’s Bank of China (PBOC) has banned all crypto transactions, calling them illegal financial activity. Its price has reclaimed the $140 level, gaining approximately 1% on the day, but is still on pace to lose money for the second week in a row.
After two unsuccessful tries earlier this week, SOL bulls are targeting the falling trend line resistance at $148. If SOL bulls maintain a daily closing position above the latter, it will indicate an upward breakout from a falling wedge pattern. The SOL price has been moving bullishly since hitting an all-time high of $221.38 on September 9. In the stated period, the price formed lower highs and lows, forming a falling wedge.
The 14-day RSI rises over the midline, indicating further upward potential. So, a wedge breakthrough would allow a rise towards $200. Its horizontal 21-day Moving Average (DMA) at $159.40 may challenge bearish commitments first.
The SOL price may retreat towards the upward-sloping 50-DMA at $110.50 if the wedge barrier is difficult to overcome. Under $100.60, a new downswing may occur towards the moderately positive 100-DMA at $71.54. According to CoinMarketCap, the price of SOL is $137.59 and has a 24-hour trading volume of $2,246,125,994.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
