Solana (SOL) may be gearing up for a major price surge following a new bullish signal from the “CoinsKidRibbon” indicator, shared by crypto analyst CoinsKid. This signal, a combination of moving averages, previously helped SOL achieve substantial gains in late 2023.
Now, as SOL trades above key levels and has broken past key a Fibonacci target, the analyst predicts a possible all-time high (ATH) for Solana. CoinsKid’s analysis lately highlights the importance of the “CoinsKidRibbon” indicator, which previously signaled SOL’s sharp rally.
According to CoinsKid’s chart, Solana has moved past the 0.786 Fibonacci retracement level at $182.68, demonstrating strong momentum. CoinsKid suggests that surpassing the 1 Fibonacci level at $209.88 could position SOL to reach the 1.618 Fibonacci extension at approximately $313.35.
This Fibonacci target aligns with new ATH projections, showing a clear potential pathway if SOL maintains its upward trend.
What you'll learn 👉
SOL’s Price Action
The chart analysis identifies key support and resistance levels essential for SOL’s bullish outlook. The 0.618 Fibonacci level at $163.83 acts as a support zone, providing a possible pullback target in case of short-term retracements.
If Solana breaks above the 1 Fibonacci level, this could confirm a rally toward higher extension levels. This movement above support and resistance zones reinforces CoinsKid’s confidence in SOL’s price potential for an extended bullish phase, echoing past rallies.
SOL’s current price action is supported by key moving averages, providing strong momentum for price continuation. The moving averages in CoinsKid’s chart act as dynamic support, which SOL bounced from recently, confirming a new uptrend.
By staying above these averages, SOL’s bullish potential remains intact, supporting the theory of a sustained rally. CoinsKid’s confidence in the “CoinsKidRibbon” buy signal further bolsters this outlook, as the signal has previously resulted in substantial gains for SOL.
Read also: Celestia’s Unlocks Absorbed Well – Will TIA Price Continue to Pump?
Historical Context and Projected Price Targets
CoinsKid’s tweet also provides historical context, referencing the October 2023 buy signal that led SOL to a 1,000% gain until February 2024.
Following a correction period in April, SOL has resumed its upward trajectory, once again trading above the ribbon indicator. The current trajectory hints at a similar pattern, suggesting that SOL may have the potential to revisit and surpass previous highs.
The 1.618 Fibonacci extension at $313.35 remains the primary target in this scenario, with a bullish outlook dependent on SOL’s ability to stay above key levels.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
