With many assets in the cryptocurrency sector continuing to record gains under the influence of the market representative and maiden crypto, Bitcoin (BTC), Solana (SOL) has been making steady advances as well, with signs pointing to even more intense gains in the near future.
Specifically, Solana has recently broken out of an ascending triangle it has been making for over two months, or since early 2024, “retested it uncomfortably deep and then turbo-bounced,” according to the observations shared by pseudonymous crypto analyst CryptoJelleNL in an X post on March 6.
As the crypto trading expert further explained, considering such chart pattern movements by the currently fifth-largest asset in the cryptoverse by market capitalization, Solana could take off “HARD from here,” suggesting a possibly massive bullish rally in the making.
Solana price action analysis since November 2023. Source: CryptoJelleNL
Elsewhere, on top of the optimistic price movements, this asset has recently recorded the best week ever in terms of volumes on Solana-based decentralized exchanges (DEXs), having hit $11.24 billion in the period between February 25 and March 2, according to the most recent data retrieved from Defi Llama.
Solana-based DEXs volume. Source: Defi Llama
Solana price analysis
Meanwhile, Solana’s native token was at press time changing hands at the price of $132.01, which represents an increase of 1.19% in the last 24 hours, adding up to the 18.96% gain across the previous seven days, as well as accumulating a 35.95% advance over the past month, as the latest charts indicate.
Solana 30-day price chart. Source: Finbold
All things considered, Solana looks poised for even higher gains, provided it retains its bullish momentum and other factors assist it in this endeavor, such as the volumes on its DEXs. However, it is important to carry out one’s own research before investing in any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
