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Market Update: Solana (SOL) Bulls Make Strong Move, Pushing for a Potential Major Breakout after 30% Recovery

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  • Crypto analysts predict a bullish trend for Solana (SOL) following a noteworthy 30% recovery.
  • Projections suggest SOL could emulate Ethereum’s parabolic price pattern of 2020-21.

In a notable turnaround, Solana (SOL), one of the leading cryptocurrencies, has recovered significantly since June 10th and re-established control over a critical resistance level. Experts in the crypto space suggest this upward trend could potentially continue, reflecting positive sentiment about the altcoin’s prospects.

Solana (SOL) Revitalized: Rising from the Ashes

Following a strong recovery of 33% since June 10th, SOL reclaimed the critical $17 resistance level, indicating a potential continuation of its upward trajectory. The daily technical analysis depicts a bullish trend, with SOL successfully surpassing a previously expected resistance level and peaking at $20 on June 30th.

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Alongside this, the Relative Strength Index (RSI) — a key momentum indicator used to identify overbought or oversold market conditions — is showcasing a bullish signal. A value above 50 on the RSI suggests a bullish advantage, further supporting SOL’s recovery.

Analysts, using the Elliott Wave theory, a technique that evaluates long-term price patterns and investor sentiment to predict trend directions, suggest that SOL is primed for further growth. If the wave count proves accurate, and SOL maintains its position above the $17 support level, a breakout from the resistance line is likely. This would potentially lead to a new resistance level at $26.

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However, if SOL falls below the $17 support level again, it could suggest a bearish trend, with a potential decrease to $10.

Pseudonymous crypto trader Inmortal and prominent analyst Kaleo have also shown optimism towards Solana’s potential. Drawing parallels between Ethereum’s remarkable price surge from $400 to nearly $5000 during 2020-21, Inmortal speculates that SOL may be on a similar path.

Moreover, Kaleo’s bullish stance on Solana underlines the impressive recovery of SOL post-FTX debacle, and the continued growth of its ecosystem. Based on this analysis, Solana, currently trading at $0.000634 BTC ($19.70 USD), is anticipated to break out toward $0.00200 BTC.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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