Skilled Predicts SOL Might Hit $100 as It Breaks Above $70

• The co-founder of BitMEX, Arthur Hayes, predicted that SOL might rise to $100 quickly.
• Hayes’ prediction comes after the altcoin managed to interrupt above the robust $70 resistance.
• A bullish chart sample and technical indicators instructed that SOL’s worth might proceed rising within the coming week.

The co-founder of BitMEX Arthur Hayes revealed that he’s very bullish on Solana (SOL) in an X put up printed earlier at the moment. Within the put up, Hayes revealed that he sees the altcoin rising to as excessive as $100 within the subsequent few days.

This put up follows shortly after the cryptocurrency managed to interrupt above a key resistance stage over the previous 24 hours. Throughout this era, SOL overcame the $70 mark. It additionally continued to commerce above this stage at press time.

Ought to SOL shut a every day candle above $70 at the moment, it could have the muse wanted to maneuver towards the $100 mark. Supporting this bullish thesis is an ascending triangle sample that has fashioned on the altcoin’s every day chart. This particular sample emerged after SOL recorded a sequence of upper lows and means that SOL might get away quickly.

Along with the bullish chart sample, technical indicators on SOL’s every day chart have been flagging bullish as nicely. The primary indicator that traders will need to be aware of is the Shifting Common Convergence Divergence (MACD). Previously 48 hours, the MACD line crossed above the MACD Sign line, which might sign a continuation of SOL’s constructive development.

Patrons additionally appeared to have the higher hand towards sellers on SOL’s every day chart. This was evident by the Relative Energy Index (RSI) indicator. With the RSI line positioned above the RSI Easy Shifting Common (SMA) line, it could be simpler for bulls to spice up SOL than will probably be for sellers to tug the value down within the subsequent few days.

This bullish thesis will stay a risk so long as SOL stays above $70. Ought to it shut a every day candle beneath this stage, it could possibly be vulnerable to correcting all the way down to the subsequent key help stage at $49.65 within the following 2 weeks.