With a 6.90% surge in the past 24 hours, the Solana price is close to hitting the $150 mark. As the SOL price surpasses the $140 level after the first time in September, the recovery run in Solana is gaining momentum.
As the Solana team is making new announcements in the Token2049 event, the social sentiment for Solana is bullish. Will the recovery run gain momentum, and will new developments from Solana boost SOL price to a new 52-week high? Let’s find out.
Solana (SOL) Eyes $150 Breakout
As mentioned in our last SOL price analysis, the bull cycle restarts in the charted descending triangle. Over the last three days, the Solana price has increased by 13.72%, creating three consecutive bullish candles.
With a triple white-soldier pattern, the recovery rally exceeds the 200-day EMA and the 50-day EMA, starting a rounding-bottom reversal. The previous swing high at $160 near the 50% Fibonacci level at $164 acts as the neckline of the rounding bottom.
Furthermore, the recovery run delays the death cross event between the 50D and 200D EMA in the Solana price chart. Supporting the bullish momentum, the daily RSI line rises above the 50% line uptakes to $60.29 and hits the $60.28 level.
As the bull cycle within a larger descending triangle pattern gains momentum, the uptrend will likely challenge the overhead trendline. However, multiple resistances before the trendline at 38.20% and 50% Fibonacci levels at $155 and $164, respectively. Hence, the bull run will likely face a minor hiccup before the breakout rally.
According to the latest SOL price prediction, the triangle breakout run in the SOL price can scale to the $200 psychological mark and a new 52-week high, surpassing $210.
Solana’s New Collaborations and Token2049 Announcements
Boosting the broader market sentiments for Solana, Solana announces a collaboration with Backpack to create a new real-life use case. Using the Backpack’s new integration, which trades X payment infrastructure for digital assets, one can now pay for food and coffee in Singapore using (PBM) XSGT on Solana Network.
Along with the recent collaboration, the Solana team has recently announced at the Token2049 event a new Solana Gen1 PSG1 handheld Web3 gaming device. This reflects the shift of attention to a new segment of crypto gaming.
Adding another significant development, Eclipse announces the upcoming launch of Solana Virtual Machine Layer 2 on Ethereum. With decentralized apps such as Orca and Solend ready to launch on Eclipse in October, this will boost the Dapps network and user base as a Layer 2 on the Ethereum network.
As Eclipse CEO Vijay Chetty said, “we inherit the shared security of Ethereum and you can use assets on Eclipse. So it’s the best of Solana and the best of Ethereum.”
Source: https://www.cryptonewsz.com/sol-targets-200-usd-with-web3-device-and-ethereum-l2-launch/