Solana Preparing For A Big Rally In 2022 - Maybe Over +200%.

Solana Preparing For A Big Rally In 2022 - Maybe Over +200%.

2021-12-13 | Daniel Smith

Solana Preparing For A Big Rally In 2022 - Maybe Over +200%.

According to Kraken, Ethereum rival and smart contract platform Solana (SOL) might be poised for a big rebound by early 2022. According to a new Kraken research, Solana has indeed been selling under a huge bullish trend dating back to 2020. Solana's corrective fall off its all-time high of roughly $260, as per the crypto exchange, places the Ethereum competitor in a place to begin the second leg of its bull cycle. The fourth-ranked crypto-asset looks to have been in the initial stages of its fourth 'price discovery' surge. As a result, it looks to be in the early stages of the fourth surge of price discovery, with the potential to continue the trend all along with wedge formation. SOL

SOL/USD 1 DAY PRICE CHART: SOURCE- COINMARKETCAP.COM

According to Kraken, Solana's latest decline might be seen as a positive indication since the backtesting of the diagonal support could indicate that SOL is preparing for a rally. Many may read the rebound as not just 'bullish,' but also an indication that a challenge of the wedge's barrier may occur in the coming period(s). The research also shows why a prolonged convergence phase is favorable for SOL. Like many other technical indicators, the further it requires for SOL to surge upward while still holding the wedge's uptrend line as support, the further SOL might possibly go before dropping and beginning a downtrend. According to Kraken's chart, a sudden Solana comeback may push the large-cap cryptocurrency beyond $600 by January 2022, implying a more than 255 percent rise from its existing value of $169.

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