Imminent Signals from Ichimoku Cloud Test for Solana's Weekly Price Closure
Solana, the fast-growing blockchain network, is showing signs of renewed strength in its price, according to analysts. The digital asset has been holding above $180 on its weekly chart, maintaining a robust structure.
If Solana manages to break above the $217 resistance level, it would confirm the bullish trend. In the short term, a dip towards $204 is expected, but analyst Ali predicts a rebound towards the $217 resistance afterwards.
The $206 to $204 zone on Solana's chart could act as a short-term retest area, lining up with horizontal support from previous sessions. The emerging bullish technicals, combined with Solana's listing in Bitwise's ETPs, build a stronger case for an optimistic Solana price prediction.
The listing in Bitwise's flagship crypto ETPs on the SIX Swiss Exchange adds weight to Solana's broader growth narrative. Being listed alongside Bitcoin and Ethereum in traditional finance ETPs opens doors for more investors to gain exposure to SOL through regulated channels.
Solana's August performance demonstrated strong adoption, surging revenues, and record-breaking trading volumes. Trading activity on Solana, as measured by perpetuals volume, hit an all-time high of $43.8B in August. Solana's on-chain revenue nearly doubled to $148M in the same month.
The name of the analyst predicting that Solana could rebound after a short pullback to around $204 and then reach the next target zone at $217 is not mentioned in the provided search results. However, the chart structure suggests a potential pullback before continuation, with the price hovering just above $206.
A successful push above the Ichimoku cloud could open the path towards the $200 to $220 range. On the other hand, a weekly close above the Ichimoku cloud on Solana's chart could flip the outlook bullish. The 0.786 Fib retracement acts as the next key marker for Solana's price movement.
As institutional access expands, it validates SOL's market position and strengthens its long-term outlook. The market may still be underestimating Solana's long-term potential due to its resilience and expansion. The emerging bullish technicals, combined with the listing in Bitwise's ETPs, make a compelling case for a bullish Solana price prediction.
