Solana (SOL) price appears poised for a breakout as bullish momentum gains traction, lifting the cryptocurrency to a three-month high. While consistent resistance has tested its upward drive, SOL now signals the potential for further gains, capturing the attention of investors closely tracking its movements. As November progresses, speculation grows around whether Solana’s price could reach $300, potentially surpassing BNB.
Is Solana Price Eyeing $300 After Gaining on BNB Coin?
Crypto analyst, took to an X to spotlight Solana’s promising price movement. He shared a chart illustrating Solana’s breakout from a prolonged symmetrical triangle pattern. According to analyst, this development signals the potential for a substantial price surge, with targets reaching as high as $300.
The analyst projects a significant upside, suggesting this breakout could push Solana’s value by over 65%, aiming toward the $300 mark. The chart further illustrates an upward curve, emphasizing the anticipated bullish momentum.
#Solana is breaking out of this MASSIVE Symmetrical Triangle! This possible pump to $300 will destroy all the last bears pic.twitter.com/W5UzVPN1nZ
— The Moon (@TheMoonCarl) November 6, 2024
Solana price has reached a notable milestone, surpassing Binance Coin to secure the position as the fourth-largest cryptocurrency by market capitalization, currently valued at $89.14 billion. At the time of writing, the BNB price hovered at $595, maintaining a market capitalization of $85.87 billion.
SOL Price Surges Amid Post-Election Market Rally
The layer one crypto has shown a robust performance, the latest SOL price trades at $189, with a 4% increase in the past 24 hours. This price movement reflects a day’s range from a low of $183 to a high of $191, indicating a significant uptick in investor interest. Over the past month, the SOL price has recorded the 31% following the market surge after the U.S. elections.
Today, crypto markets remain bullish, reflecting strong investor confidence. Bitcoin briefly reached $76,000, while Ethereum surpassed $2,800, sparking growth among other altcoins and energizing the sector.
With the current bullish trend, the Solana price forecast indicates a possible breakthrough above $195. This movement could set the stage for reaching $200 this week.
The daily technical indicators for Solana price on the 4-hour chart show a sustained bullish trend. The Relative Strength Index (RSI) is currently at 70, indicating that the asset is approaching overbought conditions.
Solana’s current bullish momentum signals the potential for continued growth. Breaking resistance levels could propel SOL toward $300. Investors are increasingly optimistic, especially as Solana surpasses Binance Coin by market cap. Sustained demand and technical indicators support this optimistic outlook.
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