SOL Price Analysis: As long as Solana (SOL) Holds this Trend, Prices to Rise Back Near $200.
Can Solana (SOL) Beat Ethereum in Its Own Game?
Solana (SOL) has outperformed nearly all other top 100 coins over the last few weeks as prices have risen from $70 to $220 in around 16 days. This price action has been fairly impressive as SOL is now a top 8 cryptocurrency by market cap.
Solana (SOL) is a highly functional blockchain project that aims to provide decentralized finance solutions using its highly efficient blockchain. SOL has many advantages to other blockchains such as ETH as SOL can process a massive amount of transactions for a little amount of cost.
All of these features have led many institutional investors to become bullish on the Solana ecosystem.
Over the last 3 weeks, SOL price has been holding above a support trend throughout its ride from $60 to $220. A top trend has also been forming which has rejected the price down each time SOL price managed to touch it. These trend lines have formed a pattern called an ascending broadening wedge which is a generally neutral pattern that will keep price within both trends until either one is broken. At the time of writing, Solana is fiddling with this trend as bulls attempt to keep price within it.
As long as SOL price can hold this trend, we should expect prices to rise back into the major resistance zone near $200.
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