Jim Cramer’s Bold Call: Will Solana Skyrocket?
Zameer Attar12 Oct 20242 min read
The overall cryptocurrency market is experiencing an impressive recovery, amid this former hedge fund manager and host of CNBC’s Mad Money, Jim Cramer made a big call. He recently predicted that Kamala Harris would win the upcoming presidential election and added, “I don’t see how Trump wins.”
Jim Cramer’s Inverse Nature
Following Cramer’s prediction, there is growing optimism in the crypto market, with the community viewing his statement as a positive sign. In the realm of finance, most investors are familiar with the inverse nature of signals typically associated with Jim Cramer.
Despite Cramer predicting that Kamala Harris would win, the market and investors view this as a potential win for Donald Trump. Additionally, this could especially benefit the crypto market, leading to impressive growth as the United States presidential election approaches, with Harris and Trump as the top contenders.
We all know that Trump is pro-crypto, and if wins the forthcoming election there is a high possibility that the crypto market will skyrocket.
Despite this prediction which the industry views inversely, Solana (SOL) the fifth biggest cryptocurrency by market cap appears bullish and is poised for a significant upside rally.
Solana Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, SOL appears bullish as it has formed a bullish double-bottom price action pattern on a daily time frame at the crucial support level of $137 and the 200 Exponential Moving Average (EMA). In investing and trading, investors and traders see this pattern as a bullish sign.
Based on the recent price momentum, if SOL breaks out from the neckline of the double-bottom price action pattern and closes a daily candle above the $150 level, there is a strong possibility that it could soar by 10% to reach the $165 level in the coming days.
Current Price Momentum
Currently, SOL is trading near $145.7 and has experienced a price surge of over 5.2% in the past 24 hours. During the same period, its trading volume and future open interest increased by 7% and 4.3% respectively. This shows growing participation and interest among traders and investors.
