Solana (SOL) price reached 22.37 percent with a total increase of 0.3 percent in the last 24 hours. The move comes at a time when transactions on the Solana network are rising to a million per day, thanks to heavy traffic from the new space exploration video game SAGE Labs.
Thanks to the popularity of SAGE Labs, Solana is expected to gain even more value in a short time. Specifically, analysts noted that SOL’s 30-day exponential moving average (EMA) recently crossed its 200-day average, which could be a sign of a potential rally.
Solana price analysis
If the price rises from the current level, the SOL/USDT pair will try to form an inverse bullish head and shoulders pattern. This reversal setup will complete with a breakout and close above the neckline. The target target for this setup is $32.81, but since it is formed within a consolidation, its effectiveness decreases slightly.
If the bulls fail to initiate a strong recovery from the 20-day EMA soon, the bears will gain strength. They will then try to pull the price back towards the 50-day SMA ($20.44). If this level breaks, the next stop could be $18.50 and then $17.33.
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