Solana [SOL] reaches range high again, can a breakout occur?

Solana buyers could find themselves at an advantage considering the fact that SOL, despite a recent pullback, still managed to maintain its bullish trajectory. Additionally, market indicators too supported a bullish outcome.

Timeline of Solana

Solana was one of Tuesday's big gainers, rising to a multi-week high following a ‘death cross' of moving averages. The move came despite the global market cap falling marginally lower as of the time of writing. Toncoin was another notable mover, rising for a sixth-straight day.

A "golden cross" occurs when a short-term moving average, commonly the 50-day, crosses above the long-term moving average, usually the 200-day. Historically, in various asset classes, this crossover has been a precursor to potential extended bullish runs.

Solana Mobile, a subsidiary of Solana Labs, announced a significant 40% price reduction for its Saga smartphone, slashing the price from its initial $1,000 to a more affordable $599. This move comes just four months after the phone's launch, sparking a flurry of reactions from the crypto community.

In a surprising move, Solana Mobile, the subsidiary of Solana Labs, has announced a substantial 40% price cut for its flagship product, the Solana Saga phone, which is one of the first crypto-connected smartphones.

The price of Solana (SOL) has fluctuated a lot in the past week, like many other cryptocurrencies in the market. SOL is currently trading above $24, gaining 8.01% in its price in the past 7 days with over $376 million in trading volume in the past 24 hours.

Benjamin Cowen, a prominent figure in the cryptocurrency space with over 780,000 followers on YouTube, has offered insights into the potential trajectory of Solana ($SOL), drawing parallels with Cardano's ($ADA) historical performance and suggesting a turnaround could be on the horizon. Identifying Patterns: Cowen delved into historical data, pinpointing a pattern in Solana's price movement.

The price of Solana's Web3 smartphone, Saga, has been slashed by 40% in an attempt to boost adoption. The price of the cutting-edge smartphone was lowered from the initial $1,000 to $599.

Solana Price Analysis: Amid the rising FUD in the crypto market, the ninth-largest cryptocurrency Solana is hovering at about $22.4 support. In the last three weeks, the SOL price has bounced twice from the aforementioned support indicating the active accumulation from market participation.

Solana (SOL) is on a bullish run today as it joins the altcoin resurgence on the market. At the time of writing, the coin is up by 7.2% over the past 24 hours to $24.79, and in the past week, the coin has printed a total growth of 16%.

Solana (SOL) has recently been bullish, outperforming many other major cryptocurrencies. The network's scalability, boasting speeds of up to 65,000 transactions per second, has positioned it as a contender.