Expert Predicts SOL Could Hit $100 When It Breaks Above $70

BitMEX co-founder Arthur Hayes revealed that he is very bullish on Solana (SOL) in an X post published today. In the post, Hayes revealed that he sees the altcoin rising as high as $100 in the coming days.

Screw your couch… $SOL = $100

– Arthur Hayes (@CryptoHayes) December 8, 2023

This post comes shortly after the cryptocurrency managed to break through a key resistance level in the last 24 hours. During this period, SOL surpassed the $70 mark. It also continued to trade above this level at the time of publication.

Daily chart for SOL/USDT (Source: TradingView)

If SOL closes a daily candle above $70 today, it may have the foundation needed to move towards the $100 mark. Supporting this bullish thesis is an ascending triangle pattern that has formed on the altcoin’s daily chart. This specific pattern emerged after SOL recorded a series of higher lows and suggests that SOL could explode soon.

In addition to the bullish chart pattern, the technical indicators on SOL’s daily chart were also bullish. The first indicator investors will want to pay attention to is the moving average convergence divergence (MACD). In the last 48 hours, the MACD line crossed above the MACD signal line, which could indicate a continuation of the positive trend of SOL.

Buyers also seemed to have the upper hand over sellers on the SOL daily chart. This was evident by the Relative Strength Index (RSI) indicator. With the RSI line positioned above the RSI simple moving average (SMA) line, it may be easier for bulls to push SOL than it is for sellers to drag the price down in the coming days.

This bullish thesis will remain a possibility as long as SOL remains above $70. If you close a daily candle below this level, it could be at risk of correcting to the next key support level at $49.65 in the next 2 weeks.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of using the content, products or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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