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A well-known cryptocurrency analyst and trader, nicknamed Bluntz, recently posted on his Twitter account his extremely positive expectation for Solana (SOL) for the coming months. According to him, the cryptocurrency, known as an “altcoin”, experienced one of the most impressive “rising channel breakouts” he has seen in recent times.
Solana Breakout: A Movement Parallel to Bitcoin
This move in SOL was comparable to what he witnessed with market leader Bitcoin (BTC) earlier this year when it was trading at around $18K. This analogy with Bitcoin, globally recognized as a leading cryptocurrency, puts Solana in the spotlight for cryptocurrency investors.
Breaking barriers: Solana changes the game
On Thursday, SOL broke out of its positive price channel with a swift move of 18.55%. This jump took the price of SOL from a low of $21.42 to a high of $26.82 before closing the daily candle at $26.01. This strategic breakthrough allowed SOL to turn the previous resistance level at $25.60 into support, a game changer in the cryptocurrency market.SOL/USDT daily chart. Source: TradingView
Struggle to break through the $30 resistance level
In the next 24 hours after this move, SOL tried to break out of the next resistance level at $30.00. Although it managed to peak at $32.13, it was unable to hold this level, ending the trading session at $26.67.
SUN on the cusp of activating a bullish technical flag
As of this writing, SOL is hovering slightly above the aforementioned $25.60 price point. There is a significant bullish technical flag about to be triggered as the 50-day EMA line approaches the 200-day EMA line.
Bullish scenario: The promising future of SOL
If the 50-day EMA line successfully crosses above the 200-day EMA line, this will be a key indicator of a longer-term positive trend for SOL. In this bullish scenario, the SOL price could retest the $30 resistance, and could even breach the next significant resistance level of $34.50 in the coming weeks.
With this promising outlook, investors are looking closely at SOL, anticipating the potential benefits this “Ethereum killer” could offer over the short and long-term investment horizon.
