Solana (SOL) is poised for a remarkable comeback after weathering the storm caused by its association with the FTX fiasco, which had a significant impact on the project. Despite facing setbacks resulting from its connection with FTX and SBF, Solana has regained its footing and is now gaining bullish momentum. With positive indicators pointing towards a potential upward trend, Solana’s resurgence in the crypto market is attracting attention from traders and investors alike.
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Pentoshi’s Opinion
Renowned cryptocurrency commentator Pentoshi’s optimistic view on Solana further strengthens its comeback narrative. Despite the project’s initial challenges, Pentoshi recognizes SOL’s potential as a long-term investment. With a strong community and user-friendly features, Pentoshi anticipates Solana’s success during the upcoming bull run. This sentiment aligns with Solana’s growing confidence in overcoming past setbacks and thriving in the crypto market.
$SOL
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) July 6, 2023
All of a sudden showing some pretty promising signs of life on BTC and ETH pairs as well as a potential deviation and trendline break on USD
This is one I plan to buy heavily this year and is one of my strongest conviction bets for the bull run, whenever it comes. https://t.co/1ptbmX8GOC pic.twitter.com/sE1XUhAnaC
Technical Analysis:
Solana’s technical analysis reveals promising signs of bullish momentum and a potential trendline break, reinforcing its comeback narrative. Here are the key technical observations:
- Bullish Momentum and Trendline Break: Solana is currently displaying strong bullish momentum, as it successfully breaches the resistance level at 20.50 and sets its sights on 22.25. This upward trajectory indicates a potential trendline break, signaling a bullish outlook for the cryptocurrency.
- Market Imbalance and Buying Opportunity: An upward imbalance in the market, coupled with a fractal structure resembling a previous imbalance, indicates a potential for SOL’s price to surge. Additionally, the RSI trading above the middle band suggests an upward direction, presenting an opportune moment for traders to consider buying SOL.
Conclusion:
Solana (SOL) is making a remarkable comeback after enduring the fallout from its connection with the FTX fiasco and SBF. The project has demonstrated resilience, recovering from past setbacks and gaining bullish momentum. Pentoshi’s optimistic outlook further solidifies SOL’s potential for long-term success. Technical analysis supports this sentiment, with indicators pointing towards a potential trendline break and continued upward momentum. As always, traders and investors should conduct thorough research and seek professional advice before making any investment decisions in the volatile cryptocurrency market.
Disclaimer: This article does not constitute financial advice. It is crucial to conduct thorough research and consult with a professional before making any investment decisions. NFA (No Financial Advice).
