A popular crypto analyst has predicted Solana (SOL), the cryptocurrency with the ninth-largest market capitalisation, to gather momentum for a bullish breakout.
The host of a financial education YouTube channel, InvestAnswers, stated in a new video that the crypto asset (SOL) could reclaim the 3-digit price level, following its recent bullish bias.
The Analysis According to the Expert
The analyst noted:
“There’s a lot of strong bullish divergence visible in the chart here. If you look at the RSI (relative strength index) at the bottom, you can see the bullish divergence from the price action and that compression wedge that we see…
Solana’s price action appears to be creating not only this bullish divergence from the RSI within the same timeframe, but it’s only a matter of time that many believe we could get back to $120… This is a very, very positive chart giving a lot of optimistic outlook for the price action of Solana.”
“This one is seeing a similar type of a compression chart downwards action, but on the cusp of breaking out, and you can see that the price has been stuck in this descending triangle.
It has had a really impressive recovery since March 15th and in fact, it’s still within the broader descending triangle, but the suggestion is it might be a good breakout or could it be a bull trap.”
Solana price analysis
It remains to be seen if Solana will hit the levels predicted by the analyst. Solana has been trading below the $100 level since the 2nd of March, when it last crossed it to around $100.7.
At the time of this publication, Solana (SOL) is trading at $91.70, with a relatively 3.67% price increase over the past 24 hours.