The price of Solana has jumped by 2% in the past 24 hours, reaching $162.55 as the crypto market falls by 1.5% today.
SOL has now gained by 20% in a week and by 32% in the past fortnight, with the market’s fifth-biggest coin (by cap) also standing on an impressive 525% increase in the last 12 months.
This puts Solana in good stead to make further gains in the coming weeks and months, with the coin’s chart now forming a bullish pennant that indicates a big move.
Traders See Bullish Pennant in Solana: Price Forecast
After suffering a little dip a couple of days ago, Solana now looks ready to rally over the next one or two days.
Its relative strength index (purple) has gone from just below 40 to around 60 today, indicating a recovery in momentum and demand.
Source: TradingViewAt the same time, its 30-day moving average (orange) has continued rising further above the 200-day (blue), having struggled a little yesterday.
Perhaps the most bullish feature of all is the coin’s trading volume, which has climbed above $3.2 billion today, from $1.1 billion only a few days.
Clearly, traders have returned to SOL in a big way, with the coin’s increasingly bullish signals and indicators likely drawing them in.
#Solana $SOL HUGE PENNANT on the 1D chart!
Watch out for this price action! https://t.co/GF2BfV0Dtv pic.twitter.com/Hlh73PKHq9
— CryptoBusy (@CryptoBusy) July 18, 2024
Indeed, yesterday saw SOL’s chart create a very encouraging pennant pattern, whereby the coin’s resistance and support levels converge on each other.
This often indicates that a given asset will make a big move once the two levels collide, with the pennant in the tweet above – from yesterday – offering some forewarning of what’s happening today.
And as today’s chart further above shows, SOL’s resistance (red) and support (green) levels are still forming a pennant.
As such, we can expect more gains this weekend, with the market still waiting for a bigger recovery from recent drops.
In Solana’s case, its position as one of the biggest and most popular layer-one networks all-but guarantees it a big comeback.
$SOL is on the Verge of Bullish Pennant Breakout..
Accumulate it before It’s too late..#Crypto #SOL #Solana pic.twitter.com/o4dbdZ8iel
— Captain Faibik (@CryptoFaibik) July 19, 2024
Its price could reach $200 by the start of Q4, and then $250 by the end of the year.
Alternatives for Big Gains
There’s no doubt that Solana remains one of the likeliest major tokens to do well this year, particularly if it does see its own ETFs in the next few months.
Yet traders may also like to diversify into newer alts, with numerous presale coins currently gaining considerable momentum and looking like they could rally once they list.
A great example of this is layer-two project Pepe Unchained (PEPU), which has raised over $4 million in its successful presale.
Pepe is preparing to launch his own Layer 2 blockchain solution soon:
Instant bridging between ETH and Pepe Chain
Lowest transaction fees
100x faster transaction speeds compared to ETH
Dedicated Block Explorer
Get ready to join the future with Pepe Unchained! pic.twitter.com/9gxNnddMyq
— Pepe Unchained (@pepe_unchained) July 18, 2024
An Ethereum-based L2, Pepe Unchained offers near-instant transactions and extremely low fees, making it highly competitive with existing layer-twos such as Optimism and Arbitrum.
It will also provide higher staking rewards than it would have as a layer-one token, given that its greater efficiency enables it to issue a higher volume of new coins.
It will have a max supply of 8 billion, with 30% of this going to staking and another 20% allocated to its presale.
What’s also highly encouraging about PEPU is that it has been steadily growing its online community, which will be essential if it’s to thrive in the long run.
For instance, the token’s X account now has over 7,000 followers, while its Telegram channel has more than 3,000 subscribers.
Such figures give a hint as to how big Pepe Unchained could become in the coming months, with investors still able to participate in its presale by going to the coin’s official website.
They can buy PEPU using either ETH, BNB, USDT or fiat currency, with the token currently selling for $0.0085277.
This price will rise fractionally in just under two days and will rise again with each new stage of its sale, while it could moon when it lists in the next few weeks.
Buy PEPU Now
The post Traders See Bullish Pennant in Solana: Price Forecast appeared first on Cryptonews.
