Solana's super-trend indicators indicate a possible surge in prices

The SuperTrend indicator of Solana (SOL) has sent a "buy" signal on its weekly chart, which has historically triggered a sharp price increase. The indicator tracks the price trend of SOL in a similar way to the moving average and combines the average true volatility amplitude (ATR) to help traders identify market trends. Historically, such signals often signaled a sharp rise in stock prices, with typical cases during the 2021 bull market that led to a 620% increase in stock prices to 3200%. The latest signal came in July 2023, causing the stock price to rise 1339%, from a slightly above $20 to an all-time high above $295. As SOL breaks through the $220 mark, the super trend indicator has recently changed from red to green, indicating a possible upward trend. Analyst Dorkchicken pointed out that if the SOL's weekly closing price is above $220.45, the super trend indicator will turn green and send a buy signal. This pattern last appeared in 2023, when the price soared from $39 to $294. If history repeats itself, SOL could experience a big rebound, with a maximum price of $1,000, thanks to increased demand from Solana’s money management firms and the possible U.S. approval of Solana spot ETFs. Solana's price gains are currently stagnating at $250, with prices experiencing resistance due to profit-taking and exhaustion of buyers. Analyst Crypto Seth stressed that SOL is approaching its first resistance zone, with prices recently pulling back 7% from an eight-month high of $250 to around $237. The pullback forms a downward parallel channel on the four-hour chart, with key support between $230 and $227, marking the lower limit of the channel and the 50-day moving average (SMA). Despite a recent pullback, many analysts remain optimistic about Solana's potential to continue to rise to $300 and above. Analyst Cipher X pointed out that SOL showed strong momentum, with the 9-week moving average breaking through the 15-week moving average, confirming the upward trend. The next liquidity target is around $300. Buyers may drive breakthroughs. According to Cointelegraph, breaking through the $250-260 resistance could lead to the next important resistance level of $295, supported by the increase in futures open contracts and total lock-in value. Please note that this article does not provide investment advice.