Anticipation Builds As Solana Pumps Above $140, Analyst Says Cardano is Near a Multi-Year Downtrend Breakout

The crypto market has rebounded in response to Kevin O’Leary’s comments on the potential Fed rate cut. Among the most notable gainers today are Solana and Cardano. The price of Solana has jumped by 12% over the last 24 hours to rise above $140. 

The pump has since propelled SOL beyond a downward trendline and analysts believe that a significant rally may occur in the near future. Similarly, Cardano has pumped by 12% to climb above $0.44. An analyst has predicted that after 4+ years of compression, the ADA price could break out soon. 

Solana Rises Above $140 As Franklin Templeton ETF Gets Approval

The crypto market has come back strong after the previous market downturn. Among the best gainers, there is Solana, which has gained over 12% in the past 24 hours. Due to the recovery, SOL has rebounded beyond the $140 support mark.

The price pump comes as Franklin Templeton’s Solana ETF for trading under ticker SOEZ received approval. SOEZ is now the seventh SOL fund available in the U.S. market. As a result of the price pump, Solana has broken out of a descending trendline on the 4H chart. 

Solana is currently trading at a price of $141, and maintaining this price will be a sign that the bulls have assumed control over the market. If bulls maintain this momentum, SOL might hit the resistance level of 150 in the coming days.

Another metric that suggests that Solana has bottomed is the Net Realized Profit/Loss. As a result of the market crash in November, the realized losses of Solana dropped to its lowest point since March, when the altcoin bottomed to begin its rally. 

Cardano Pumps 12% To Set New Weekly High

Cardano is among the best performers in the cryptocurrency market, as it soared 12% to test $0.45. The Cardano price has gone down marginally, but it currently stands at $0.430.

Cardano is, nevertheless, performing better than the rest of the crypto market, and it is possible that the current price is not the peak of ADA. Cardano has already shown a number of bullish signals, which show that it may continue to rise.

The crypto trader, AltcoinPiooners, has explained that there is a confluence of signals that show that $ADA is breaking out of a multi-year downtrend. According to the analyst, after over 4 years of compression, the ADA price is hugging the upper resistance line ($0.48–$0.50) of its descending wedge pattern on the 3W timeframe.

Cardano has also completed a perfect touch & retest of 6-year downtrend line. The Weekly RSI is also a 4-year downtrend. With the volume of ADA shrinking, a signal that points to an incoming rally, the Cardano price could explode soon.

If the ADA price cracks the $0.50 resistance in the next few days, the first leg of the rally could take Cardano to $0.85–$1.00. If this trend plays out, the ADA price could rise to a new all-time high of above $5.00. However, if ADA closes under $0.35, the bullish setup will be invalidated.