VRITIMES
SG
Raise It With Press Release
TechnologyCommerce / LifestyleFood / BeverageEducationReal Estate / Architecture
Get Guaranteed Publications in minimum 40 Media Outlets for Just S$50 S$25
Try it >>
press release

/ A Deep Dive Analysis, Solana Will Soon Reach New ATH at $250?

A Deep Dive Analysis, Solana Will Soon Reach New ATH at $250?

Bitrue
Solana's price surge, bullish technical indicators, and strong on-chain metrics suggest a potential breakout, with the cryptocurrency eyeing a new all-time high of $250. Explore Solana’s technical outlook, regulatory developments, and factors influencing its growth amidst market volatility.
preview

Solana, the high-performance blockchain platform, has been making significant strides in the cryptocurrency market.

Its recent price surge, coupled with positive on-chain metrics and favorable regulatory developments, has positioned it for a potential breakout even though the crypto market is experiencing a lot of price declines today.

With the current performance, is it true that Solana will soon reach its new ATH at $250? Can Solana reach the resistance price to reach the new ATH? Check out the explanation below.

Solana’s Technical Analysis: A Bullish Outlook

Solana Price on Bitrue Market
Solana Price on Bitrue Market

At the time of writing this article on November 18, Solana's price is currently at $233,200. This increase is supported by the RSI value which is at 64.96, which means that the buying trend is more dominant than the selling trend. Solana's MACD line also shows a bullish signal.

Solana's technical analysis paints a bullish picture. The cryptocurrency has successfully broken out of a symmetrical triangle pattern, indicating a strong upward trend. The $222 resistance level has now turned into support, providing a solid foundation for further growth.

However, the current price range between $234 and $242 represents a critical zone. A decisive break above $242 could propel SOL towards higher resistance levels, potentially reaching its all-time high. Conversely, a failure to hold this level could lead to a correction.

On-Chain Metrics: Signaling Strength

Source: Coinglass
Source: Coinglass

On-chain metrics further support Solana's bullish outlook. A significant spike in open interest and dominance of long positions among traders indicate strong investor confidence.

Additionally, Solana's impressive transaction volume, particularly during the US election week, highlights its growing adoption and network activity.

Regulatory Tailwinds and Institutional Interest

The potential for a Solana ETF listing in the US has generated significant excitement among investors. A favorable regulatory environment, especially under a crypto-friendly administration, could accelerate institutional adoption of Solana.

Market Sentiment and Bitcoin's Influence

Bitcoin Price on Bitrue Market
Bitcoin Price on Bitrue Market

The broader cryptocurrency market, particularly Bitcoin, is also experiencing a bullish trend. Bitcoin's recent price surge could further fuel the momentum of altcoins like Solana.

However, on the same day, the price of BTC decreased. From its highest price and latest ATH at $91,455, the price of BTC is now $89,937 with a decrease of 1.54%.

Conclusion

Solana's combination of strong technical analysis, positive on-chain metrics, and favorable external factors positions it for a potential breakout. However, it's crucial to remember that the cryptocurrency market is inherently volatile.

While the current outlook is bullish, it's essential to exercise caution and conduct thorough research before making investment decisions. Stay updated on market trends, regulatory developments, and technical analysis to navigate the dynamic world of cryptocurrencies.

For those of you who are interested in investing in crypto, you can do in-depth research first so you know what strategy to apply. If your research is thorough, you can get maximum benefits from investing.

Bitrue has many features that can help you do research before buying a crypto coin. Starting from checking coin prices to converting from token price to USD, you can also do it easily on the Bitrue website.

About Bitrue
Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.
Contact
Fransiskus Email: fransiskus@bitrue.com

Categories
Cryptocurrency

Other Press Release
Cryptocurrency
Bitcoin Dominance Wanes, Altcoins Rise: XRP Takes the Spotlight
Bitrue
Dec 03, 2024

Cryptocurrency
Market Crypto Down, MEMEFI Actually Experiences Increase of More Than 44%, Here's the Explanation
Bitrue
Dec 01, 2024

Cryptocurrency
Understanding Bitcoin’s Volatility: What’s Happening in the Crypto Market?
Bitrue
Nov 30, 2024

Cryptocurrency
GameFi Revolution: Merging Gaming, DeFi, and the Future of Play-to-Earn Ecosystems
Bitrue
Nov 29, 2024

Cryptocurrency
Justin Sun Becomes Largest Investor in Trump’s Crypto Venture: World Liberty Financial
Bitrue
Nov 29, 2024

Cryptocurrency
Ethereum Surges: Price Up Over 41% in the Last Month
Bitrue
Nov 28, 2024

Cryptocurrency
XRP Market Dynamics: Recent Trends, Technical Signals, and Ripple's Strategic Moves
Bitrue
Nov 28, 2024

Cryptocurrency
Crypto Market Declines, Pay Attention to These 7 Things to Stay Safe
Bitrue
Nov 27, 2024

Cryptocurrency
Telegram Game Major Reveals Token Launch Date Amid Airdrop MAJOR Token
Bitrue
Nov 25, 2024

Cryptocurrency
MEMEFI Token Listing Day! Get More Benefits with MEMEFI Deposit Contest
Bitrue
Nov 21, 2024

Cryptocurrency
What Happens if Bitcoin Hits $100K? A Look at the Potential Impact
Bitrue
Nov 21, 2024

Cryptocurrency
Timing the Crypto Market: A Guide to Buying at the Right Moment
Bitrue
Nov 20, 2024

Cryptocurrency
Ethereum (ETH) Price Breaks Through $3,100, Bullish Potential in Sight?
Bitrue
Nov 19, 2024

Cryptocurrency
Is Donald Trump Keeping His Campaign Promises for Crypto?
Bitrue
Nov 19, 2024

Cryptocurrency
Getting to Know About Crypto Winter: 6 Strategies to Survive the Freeze
Bitrue
Nov 18, 2024

Cryptocurrency
XRP Price Hits $1, What’s Next? A Beacon of Hope in a Volatile Market for XRP
Bitrue
Nov 18, 2024

Cryptocurrency
Bitcoin Breaks Records, Altcoin Season on the Horizon?
Bitrue
Nov 14, 2024

Cryptocurrency
Get to Know About Peanut the Squirrel (PNUT): A Meme Coin's Unexpected Rise
Bitrue
Nov 14, 2024

Cryptocurrency
Futures Trading Carnival: Unlock 200 USDT Liquidation Insurance and More on Bitrue
Bitrue
Nov 13, 2024

Cryptocurrency
7 Crypto Tokens With More Than 50% Increase, There's The AI ​​Prophecy (ACT) and GME!
Bitrue
Nov 12, 2024

Cryptocurrency
Breaking $87,000, Will Bitcoin Price Break Through $100K This November?
Bitrue
Nov 11, 2024

Mobile games
10 Telegram Game Airdrops in November, Play the Games and Get Free Coins!
Bitrue
Nov 11, 2024

Cryptocurrency
Get a Chance to Win 300,000 PLPA on Bitrue Launchpool by Staking XRP/USDT/BTR
Bitrue
Nov 10, 2024

Cryptocurrency
Meme Futures Extravaganza, Get Maximum Benefits from Trading and Win $50,000!
Bitrue
Nov 09, 2024

Mobile games
Everything About MemeFi: Coming Soon to Global Crypto Exchanges on November 12
Bitrue
Nov 08, 2024

Politics / Government / Local government
Is the Crypto Ecosystem Strengthening Because of Donald Trump's Win?
Bitrue
Nov 08, 2024

Politics / Government / Local government
Donald Trump Vs. Kamala Harris, Who's Pro Crypto? Guess and Get a Chance to Win 10,000 USDT!
Bitrue
Nov 06, 2024

Cryptocurrency
Solana Futures Trading: A Comprehensive Guide for Beginners
Bitrue
Nov 04, 2024

Cryptocurrency
Get Maximum Profit with Bitrue Futures Trading Competition: Prize Up to 10,000 TRUMP & 1 Million USDT!
Bitrue
Oct 29, 2024

Cryptocurrency
Bitcoin Futures Trading: Market Analysis and Prospects
Bitrue
Oct 26, 2024

Cryptocurrency
Market Analysis and Strategy Ethereum Futures Trading
Bitrue
Oct 25, 2024

Mobile games
Launching X Empire: Rollercoaster Price and Airdrop Controversy
Bitrue
Oct 25, 2024

Mobile games
X Empire: Airdrop, Listing, and Price Prediction - Will it Skyrocket?
Bitrue
Oct 25, 2024

Cryptocurrency
Sudeng (HIPPO), Sui Network's First Meme Coin, Here's Its Potential
Bitrue
Oct 24, 2024

Mobile games
X Empire Launches X Token with Exciting Deposit Contest
Bitrue
Oct 24, 2024

Cryptocurrency
Mechanisms, Benefits, and Maximizing Profits in Cryptocurrency Futures Trading
Bitrue
Oct 23, 2024

Cryptocurrency
Liquidation in Crypto Futures, from Factors to How It Works
Bitrue
Oct 22, 2024

Cryptocurrency
Ethereum Faces the Risk of Proof-of-Stake Centralization
Bitrue
Oct 22, 2024

Cryptocurrency
Ethereum: The Path to a Greener and Scalable Future
Bitrue
Oct 20, 2024

Cryptocurrency
Ripple Swell 2024 Begins, Give Positive Impact on XRP Price?
Bitrue
Oct 19, 2024

Cryptocurrency
Ripple Launches RLUSD: A Promising New Stablecoin
Bitrue
Oct 19, 2024

Politics / Government / Local government
Donald Trump Vs. Kamala Harris, Who is More Pro Crypto?
Bitrue
Oct 18, 2024

Cryptocurrency
Bitcoin Futures, Next Bullish Move Preparing?
Bitrue
Oct 18, 2024

Cryptocurrency
Crypto Market is in the Green Zone, Here's the Condition of 5 Major Tokens!
Bitrue
Oct 16, 2024

Cryptocurrency
Whales Bought Millions of Tokens, Will XRP Price Increase in the Upcoming Week?
Bitrue
Oct 15, 2024

Cryptocurrency
Bitcoin Price Hits $65,000, Effects of #Uptober?
Bitrue
Oct 15, 2024

Blockchain / Web3
Solana Will Soon Reach Level $210, Here Are 3 Proofs
Bitrue
Oct 14, 2024

Cryptocurrency
Will #Uptober Come in Mid-October? Here's the Analysis
Bitrue
Oct 14, 2024

Cryptocurrency
Altcoins Get Negative Sentiment from the Crypto Community: Analysis of XRP, ETH, and Solana
Bitrue
Oct 11, 2024

Bitrue
URL
https://www.bitrue.com/
Industry
Service
Weekly Release Ranking
Nov 11, 2024 2024
10 Telegram Game Airdrops in November, Play the Games and Get Free Coins!
Bitrue
VRITIMES Video
vritimes na euvritimes jpFree consultationManual EbookPR College