After hitting a brand new all-time excessive at $250 earlier at present, the Solana worth is ready to find new highs above $270. That is the worth goal of the ascending parallel channel that SOL has created on the two-hour chart.
Solana worth rally continued within the early Asian buying and selling hours to refresh a brand new all-time excessive (ATH) above $250 on Friday. This rally has seen SOL’s market cap cross the $70 billion mark to $74,482,231,058 ousting Cardano (ADA) to develop into the fourth ranked cryptocurrency in line with market capitalization, in line with information from CoinMarketCap.
Solana Worth Is Unstoppable As SOL Bulls Targets $270
SOL has been on a powerful run all through 2021, notably in the course of the third quarter. Solana worth has rallied 21% during the last one month, 513% during the last three months and recorded an enormous 12,600% during the last one 12 months.
The current Solana worth motion has fashioned an ascending parallel channel on the two-hour chart. This means that SOL will proceed rising so long as it stays inside the confines of the rising channel.
On the time of writing, SOL is buying and selling within the crimson at $242 and is preventing speedy resistance at $245.04 embraced by the tip of the decrease boundary of the channel.
Word that if bulls handle to push Solana worth previous this degree, the ‘Ethereum-killer’ could rise to tag the center boundary of the prevailing chart sample at round $258.
An increase previous this degree may see Solana transfer upwards to achieve the worth goal of the ascending parallel channel round $271. This could symbolize a 12% from the present worth as seen on the two-hour chart.
SOL/USD Two-Hour Chart
The upsloping transferring averages and the place of the Relative Energy Index (RSI) at 61.03 near the overbought area validate this bullish Solana worth prediction.
Nevertheless, if SOL loses the speedy help at $240 supplied by the decrease boundary of the prevailing chart sample, the sensible contracts token could drop in the direction of the $237 help base. A drop additional may see vendor pull Solana in the direction of the $220 psychological degree or the transferring averages beneath it.
