Solana Faces Key Technical test Despite Bullish Fundamentals
SolanaS (SOL) price climbed over 150% since April, now standing at $239. But, a rising wedge pattern on teh daily chart signals potential risks.
This formation shows two converging trendlines. As they merge, a price reversal might occur.The situation worsens as Relative Strength Index forms a similar pattern and MACD lines point downward. These indicators suggest a possible strong reverse, perhaps to the $200 support level.
However, strong factors could push the price up.There’s growing confidence the SEC will approve spot SOL ETFs. Companies like Bitwise and 21Shares have moved on SOL ETF proposals. Approaching deadlines could boost SOL value due to expected American investor demand.
The upcoming Alpenglow upgrade may also drive Solana prices. It’ll shift Solana from proof-of-authority to proof-of-stake, enhancing speed significantly. This move could make Solana one of the fastest blockchains in crypto.
Enthusiasm for Solana remains high among important players. Treasury firms continually buy it up,with Forward Industries owning over $1.58 billion worth.This consistent demand offers a beacon of hope despite航海风险.)
