Can Solana Break Resistance? Analysts Predict a 33% Upswing

On Aug 25, 2024

An analyst predicts Solana’s Adam & Eve pattern could lead to a 33% surge toward $220.
The SEC’s regulatory concerns limit Solana’s ETF approval chances in the U.S., but Brazil remains favorable.

In a tweet, Ali Chart, a well-known on-chain analyst, shared a bold prediction for Solana (SOL). According to the chart he shared, Solana appears to be shapping up an Adam & Eve pattern, which is a bullish chart pattern that could indicate a substantial price increase.

#Solana might be shaping up for an Adam & Eve pattern, suggesting a potential rise to $164. If $SOL clears that resistance, we could see a 33% surge toward $220! pic.twitter.com/vAEl9GsK9D
— Ali (@ali_charts) August 23, 2024

Solana’s (SOL) Resilience May Propel It to a 33% Surge

Ali stated that if SOL successfully breaks past the crucial resistance level of $164, the crypto price might skyrocket by about 33%, driving it to $220. This prognosis has piqued the interest of the cryptocurrency industry, particularly as Solana continues to demonstrate durability in the face of market swings.

As of the time of writing, the price of SOL is about $158.08, up 3.02% over the last 24 hours. Solana’s trading volume has also been high, with a daily volume of around $2.669 billion.

The analyst’s anticipated price breakout may be the driving force behind this rise in price and trade activity, which indicates increased interest in Solana.

However, the position is not without obstacles. Previously, CNF noted that analysts, including Bloomberg’s Eric Balchunas, are skeptical of the SEC’s approval of the spot Solana ETF.

The persisting regulatory worries in the United States have thrown doubt on the probability of such an approval, making it a substantial barrier to Solana’s market advancement in the country.

Surprisingly, while the US regulatory environment remains strict, other countries are taking a different approach. In a contrasting event, the Brazilian Securities and Exchange Commission (CVM) approved its second Solana ETF in a month, indicating a more positive attitude toward cryptocurrency.

This clearance in Brazil is a positive indication for Solana, demonstrating that, despite obstacles in the United States, the worldwide market continues to provide exciting opportunities for the cryptocurrency.