Solana's SOL crypto on a roller coaster ride aiming for $140!

The Solana (SOL) has been behaving like a yo-yo, oscillating between highs and lows recently. Its instability seems to be its trademark as a cryptocurrency. However, current conditions allow analysts to forecast a rise to $140 this month. Crypto investors have no choice but to monitor its progression closely.

Solana: A Future on the Rise?

$SOL / $USD – Update

Long and strong above $104.00 legends pic.twitter.com/kSnGkUFz3V

— Crypto Tony (@CryptoTony__) February 11, 2024

The frenetic race of Solana (SOL) in the crypto markets has been remarkably positive in recent weeks, with an overall optimistic trend. However, a notable 5% drop, bringing the price down to $104, marked the recent trajectory of this cryptocurrency. This dip came after SOL briefly breached the critical support level of $109 the day before. But in this volatile world, the bullish trends have quickly regained the upper hand, hinting at a possible recovery.

SOL has successfully overcome a major hurdle by breaking past the $104.92 barrier, traditionally a zone of strong selling, clarifies Coingape. Although previous attempts met resistance, Solana’s recent effort suggests potential for an upcoming bull run. The crypto has maintained a stable position above the support level of $104, signaling a constant bullish outlook.

With a market capitalization of $45 billion, Solana is now the fifth-largest cryptocurrency in terms of market capitalization according to CoinMarketCap. The 24-hour trading volume has increased by more than 5%, reaching $1.54 billion, demonstrating growing investor interest and paving the way for potential price fluctuations.

The prospects for the SOL market in February 2024 seem quite promising as the altcoin appears to be on an upward trajectory. Over the past week, SOL has recorded an impressive rally, posting a gain of over 10%. Oscillating between $109 and $104, SOL has demonstrated resilience by touching the peaks before returning to its support level.

Heading for $140?

Technically speaking, Solana has reclaimed the crucial level of $104, opening the path for further advances. If this momentum continues, a push towards $120 is foreseeable, with potential to breakthrough to $140 under sustained bullish pressure. However, failing to maintain this momentum could lead to a fallback to the $95 support.

Despite the short-term decline, SOL’s technical indicators remain optimistic. The MACD shows a bullish trend with a crossover above the signal line and a positive green histogram, indicating increased buying activity.

Similarly, the Relative Strength Index (RSI) is holding slightly above 60, suggesting a neutral to bullish sentiment. The Chaikin Money Flow (CMF) points to a positive trend, while the positioning of the 20-period Exponential Moving Average (EMA) above the 50-period EMA reinforces the prospects for future gains.