Will Solana price hit $240 as rare pattern emerges?

Sol Price has risen more than 35% compared to its low in June and formed a rare pattern that indicates the possible profit in the coming weeks.

According to data from crypto.news, Solana (SOL) acted on 12 August $ 176.5, an increase of more than 9% in the last 30 days and 40% compared to the layer to date. The market capitalization of the token was $ 95.1 billion from the moment of the press.

Solana Price could continue to grow in the midst of various bullish developments that were seen last week.

Firstly, public companies recently ran to buy Solana to get a piece of the blockchain’s strike Rewards. Among them, Bitcoin Mining Firm Bit Mining, Upexi and Defi Development Corp all recently announced extra token purchases, with the first declaring that IT is planning to collect $ 200 million up to $ 300 million in phases to acquire more Solana and to build a dedicated treasury.

Secondly, Solana seems to be on the rise as a growing network for Real-World assets-tokenization. Recently a milestone agreement between the Solana Foundation and R3, of which the customers include HSBC, Bank of America, Euroclear and MAS, the Solana Blockchain for assets -tokenization.

Thirdly, the network has strong technical means that can support further profit. Daily active addresses have risen by more than 16% in the past day. Such an increase in activity often means the growing involvement of users and can strengthen the Bullish Momentum in the coming weeks.

Sol forms a golden cross

Sol has formed a gold crotch on the daily graph. The pattern usually occurs when the 50-day simple advancing average crosses above 200 days and it is usually seen as a bullish signal within the crypto-trading community.

A similar pattern was seen in October last October. At the time, Sol collected nearly 50% in the next three months.

This time, if the price follows the historic trend, Sol can start a similar rally that could push its price up to $ 240.

On top of the previous arrangement, SOL also printed a cup and handle pattern, with its base at $ 126.4 and neckline resistance around $ 187.74.

The distance between the upper and lower limits of the cup is around 48%. Sol eyes from the upper limit project the same movement of the upper limit and a potential meeting in the direction of $ 248, which somewhat exceeds the purpose of the Golden Cross above.

When a Golden Cross and a cup and hand pattern both appear, it is essentially two bullish technical signals that coordinate, which traders often interpret as an arrangement with a high probability for an intent.

However, these bullish prospects would become invalid if the price falls below the nearest support area, which is around $ 156. This level marks the lower end of the handle.