With Solana Breakpoint Day 1 about to open in Singapore on Friday, the $SOL price has been on a surge over the last four days. Up 16.4% over this period, will $SOL now go from strength to strength and recommence its bull run in earnest?
With plenty of news to come out of Solana Breakpoint, this could provide a continued boost to the $SOL price. Big updates on the progress of Firedancer, and other tech breakthroughs will be released, but might this now be a ‘sell the news’ event?
A clear and strong $SOL breakout
Source: TradingView
The $SOL price on the daily time frame is displaying a clear and strong breakout. One more return to the support saw a candle wick that was bought up strongly. Since then, the breakout occurred on Thursday, and then the price surged again once it got above the 0.382 Fibonacci.
The next target is the 0.618 Fibonacci, and what would be the all-important higher high at $162.
$SOL heading back to top of range?
Source: TradingView
Zooming right out into the weekly time frame, one can see the range that the $SOL price has been in since early this year. A breakout from the top of the range would coincide with breaking a strong horizontal level that began to form in October 2021.
The Stochastic RSI momentum indicator at the bottom of the chart looks as though it is going to signal some big upside momentum for the price once the two indicator lines break through the 20 level.
$SOL approaches breakout against $BTC
Source: TradingView
Few cryptocurrencies have managed to outperform $BTC so far in this bull market, but $SOL is one of them. The $SOL price is continuing to make higher lows, but this is against a recent lower high. A triangle is forming, and this might be expected to break in the next few weeks.
If the break is to the upside, a higher high will then need to be made at 0.003 sats if the $SOL price is to continue higher against its $BTC pairing.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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