BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Solana SOL Reclaims $170 as Bullish Pattern Gives Trader Confidence

by Sham
July 19, 2024
in CRYPTO
Reading Time: 3 mins read
A A
1
SHARES
16
VIEWS
Share on XShare in TelegramShare on Reddit
  • Solana price has formed a bullish pennant chart pattern and remains above the 200-day EMA, indicating potential for further upside.
  • On-chain data shows robust performance for the Solana network, with increasing unique active wallets, volume, and transactions.
  • Technical analysts spot multiple bullish patterns for Solana price, including a symmetrical triangle pattern, a double-bottom pattern, and bullish momentum indicators like RSI and MFI.

Solana (SOL) price has shown steady gains this week as crypto markets rebounded and on-chain data revealed strong network performance. The major altcoin could be on the cusp of a larger breakout based on bullish chart patterns that have emerged.

JUST IN: Solana $SOL reclaims $170

— BlockNews.com (@blocknewsdotcom) July 19, 2024

Recent Price Action

The native token of the Solana blockchain rallied to $16.38 on Friday, its highest level since June 7th. SOL has rebounded by 32% from its monthly low.

Solana’s recovery coincided with data showing its network continues to perform well. According to DappRadar, the network’s unique active wallets, volume, and transactions all rose over the past week.

Solana-based meme coins like Dogwifhat and Bonk also saw gains as the network maintained its dominance in decentralized exchange (DEX) volume. For instance, Dogwifhat’s 24-hour volume was $842 million compared to Dogecoin‘s $682 million and Shiba Inu’s $751 million.

Numbers from DappRadar show Solana DEXs facilitated over $132 billion in volume in the past 7 days while Ethereum DEXs saw $119 billion in trades. Raydium, Orca, and Jupiter are among the network’s top DEXs.

Encouraging Chart Patterns

Crypto traders are growing optimistic about further upside in Solana, citing bullish technical patterns.

First, Solana has formed a symmetrical triangle approaching its apex. As this triangle emerged after an uptrend, it can be considered a bullish pennant continuation pattern. Breakouts above the upper trendline often occur with pennants.

Additionally, SOL created a strong double bottom pattern at $12.05. It failed to break below that level multiple times in April, June, and July. Double bottoms are highly bullish chart formations.

SOL remains above its 200-day exponential moving average (EMA), a key long-term support level for crypto assets.

Momentum indicators like the Relative Strength Index (RSI) and Money Flow Index (MFI) show SOL has room to rally before becoming overbought. The RSI recently crossed above 50 to signal bullish momentum.

With SOL at the 61.8% Fibonacci retracement level, a move to retest $20 – its May high – could occur if bulls remain in control.

Conclusion

The confluence of positive on-chain data, strengthening technical patterns, and growing trading volume suggests further upside could be in store for Solana price. SOL may stage a larger breakout in the near future if it can convincingly clear the $20 resistance barrier. Continued strength in the broader crypto market would also aid its recovery.

Tags: DappRadarDogecoinSOLSolanaSolana blockchain
TweetShareShare
Previous Post

Binance CEO Richard Teng Weighs In on the Upcoming Launch of Spot Ether ETFs

Next Post

Binance Receives Court Approval to Invest Customer Funds in US Treasury Bills

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.