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The technical picture on the Solana chart promises a big upside for SOL

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10.07.2024

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According to crypto analyst Ali Martinez, Solana's current price movement mirrors the trajectory seen in 2021. Thus, the SOL Relative Strength Index (RSI) is currently at the same level as it was before the bullish breakout in 2021, indicating a high probability of an upward rally

Comparison and Analysis of RSI in Diachronic Perspective A close analysis of the Solana chart shows significant similarities between the current price action and the mid-2021 performance. During both periods, the SOL showed consolidation followed by an upward breakout

In July 2021, Solana's RSI fell to around 40.13, followed by a significant price rally. Notably, the current RSI level has fallen again to around 40.13, signaling Solana's potential bullish momentum

Solana is now showing a strong recovery from the recent low near $127.86, having climbed the current $141. This upward movement is consistent with the bullish trend seen in mid-2021, when Solana rose from around $20 to $260 in a matter of months

The RSI level, which acts as a crucial indicator of momentum, has now fallen to around 40.13, a level that has historically been a precursor to a significant rise in the SOL price

On the broader crypto landscape, Solana has overtaken Ethereum (ETH) in institutional investment with inflows of $441 million.According to Coinshares data, Solana has received more than $16 million, while Ethereum has invested $10 million.And that's another argument for future growth