Solana blueprint: Falling wedge and moving averages keep bullish hopes alive

Solana price has retreated by 16.8% from the year-to-date high as the recent crypto momentum faded. Solana ( SOL ) was trading at $220 on Sunday, bringing its market cap to $105 billion, and making it the fifth-biggest cryptocurrency. SOL has numerous catalysts that could propel the price higher in the longer term. It has become the biggest competitor to Ethereum ( ETH ), the biggest blockchain in the world. According to DeFi Llama , its total value locked has jumped by 18% in the last 30 days, bringing its total assets to over $9.12 billion. It has about $30 billion worth of stablecoins in its ecosystem. Solana has also become the biggest player in the Decentralized Exchange industry. Its seven-day volume stood at over $29.7 billion, higher than Ethereum’s $21 billion. The biggest Solana DEX networks are Raydium, Orca, and Meteora. Solana has a big share in the Decentralized Public Infrastructure and meme coin industry. Its DePIN networks like HiveMapper and Helium are doing well, while all Solana meme coins have a market cap of over $19 billion, led by Dogwifhat, Bonk, Peanut the Squirrel, and Popcat. HiveMapper is aiming to be a better mapping solution than Google Maps. According to its website , it has already mapped about 17 million kilometers of roads and has a global coverage of 29%. Helium is disrupting the wireless industry by building a decentralized network. Meanwhile, expectations are high that the incoming Trump administration will loosen crypto regulations, and potentially approve a spot SOL ETF. There are chances that such a fund will attract institutional capital, as we have seen with Ethereum, which has attracted over $2.26 billion in inflows in the past few months. You might also like: Why Ethena is pumping: Could it surge by 35%? Solana price analysis: bullish patterns forms SOL price chart | Source: crypto.news The daily chart shows that the SOL price peaked at $264.40 on Nov. 22. It pulled back to $220, but dropped and retested the crucial support level at $205 — the highest swing in March this year, and the upper side of the cup and handle pattern. A C&H pattern is made up of a horizontal line and a rounded bottom, and is a popular bullish continuation sign. Solana has also remained above the 50-day moving average — a sign that the bull market is still there. It has formed a falling wedge pattern, a popular bullish sign. Therefore, the coin will likely have a strong bullish breakout in the coming weeks. The first target will be the year-to-date high of $264, followed by $400. Read more: Helium price could enter beast mode, technicals suggest

Source: crypto.news