SOL Chart Shows ‘Masterpiece’ Setup to $190 After Key Trend Turns Bullish
🔥 Key Takeaways
- Solana’s chart is forming a bullish cup and handle pattern, indicating a potential price surge to $190.
- Steady ETF inflows and improving sentiment across the total crypto market are supporting the bullish trend.
- A key trend line has turned bullish, further confirming the potential for a price increase.
Solana Price Set to Soar
Solana (SOL) is on the cusp of a major price breakout, with its chart showing a “masterpiece” setup that could propel the cryptocurrency to $190. A combination of steady ETF inflows, a bullish cup and handle chart pattern, and improving sentiment across the total crypto market are all contributing to the optimistic outlook.
The cup and handle pattern is a classic bullish reversal pattern that forms when an asset’s price falls, then rises to form a “cup” shape, followed by a smaller “handle” formation. In Solana’s case, the cup and handle pattern is evident on the daily chart, with the price having fallen to around $120 before rising to form a cup shape and then consolidating to form a handle.
Steady ETF Inflows Supporting Bullish Trend
Steady inflows into Solana-themed exchange-traded funds (ETFs) are providing further evidence of the bullish trend. As more investors pour money into these funds, it is likely to drive up demand for SOL, pushing the price higher.
Additionally, improving sentiment across the total crypto market is also supporting the bullish trend. As investors become more confident in the market’s prospects, they are more likely to invest in cryptocurrencies like Solana, further fueling the price increase.
Key Trend Line Turns Bullish
A key trend line has also turned bullish, further confirming the potential for a price increase. The trend line, which had previously been resistance, has now become support, indicating that the price is likely to continue rising.
With all these factors in place, it is likely that Solana’s price will continue to rise, potentially reaching $190 in the near future. As such, investors would be wise to keep a close eye on SOL and consider adding it to their portfolios.
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