Floodgates will open for Solana (SOL), a high-performance blockchain platform, has been consolidating in a multi-month accumulation range, but a top crypto trader believes that the floodgates will open once SOL takes out a key resistance level.
The trader, who is known as Bluntz on Twitter, has a strong track record of accurately predicting Bitcoin’s price movements. In a recent tweet, Bluntz said that Solana is poised for a breakout against Bitcoin (SOL/BTC) and the US dollar.
“Very impressed with SOL price action this week,” Bluntz tweeted. “Today’s price action is most likely a breakout on the BTC pair and [it’s] looking like a whole year of accumulation on not just USD but SOL/BTC is close to coming to an end. Once it breaks $32, the floodgates get unleashed.”
A top crypto trader has predicted that Solana is poised for a breakout once it takes out the resistance of its multi-month accumulation range at $32. The trader, Bluntz believes that SOL has been accumulating for a long time and is now ready for a major move upwards and is… pic.twitter.com/UysUC56fMb
— CRUX | Crypto News (@Coin_Crux) October 23, 2023
Bluntz’s chart shows that Solana has been trading in a range between $24 and $32 since June. However, the price has recently broken out of a descending trendline and is now testing the $32 resistance level.
If Solana can break out above $32, it would be a bullish signal that could lead to a significant rally. The next major resistance level is at $38, followed by $45 and $50.
Solana has been one of the best-performing cryptocurrencies in 2023, gaining over 100% year-to-date. The platform has been boosted by the growing adoption of decentralized applications (DApps) and non-fungible tokens (NFTs).
Solana is also known for its high scalability and low transaction fees. The platform can process up to 50,000 transactions per second (TPS) with fees as low as $0.00025.
If Solana can continue to grow and attract more users, it has the potential to become one of the leading blockchain platforms in the world.
Why is this important?
Solana is a high-performance blockchain platform that has the potential to revolutionize the way we interact with the internet. Solana’s scalability and low fees make it ideal for a wide range of applications, including DApps, NFTs, and gaming.
The fact that a top crypto trader is bullish on Solana is a significant development. It suggests that Solana is poised for a major breakout in the near future.
What should investors do?
Investors who are interested in Solana should keep a close eye on the $32 resistance level. If SOL can break out above this level, it would be a bullish signal that could lead to a significant rally.
Investors should also consider the overall market conditions before investing in Solana. If the cryptocurrency market is bullish, Solana is likely to perform well. However, if the market is bearish, Solana may experience some volatility.
Conclusion
Solana is a promising blockchain platform with a lot of potential. However, it is important to remember that all cryptocurrency investments are risky. Investors should carefully consider their own risk tolerance before investing in Solana or any other cryptocurrency.
Disclaimer
Nothing on Crypto Stics should be interpreted as investment advice. When investing in Bitcoin, cryptocurrencies, or digital assets, investors should conduct their research. Note that you are responsible for any losses you may sustain and that you are at risk when making transfers and transactions. Neither Crypto Stics nor its advisors make any recommendations about the purchase or sale of cryptocurrencies or other digital assets. You should be aware that Crypto Stics engages in affiliate marketing.
