SOLANA Prediction, Battle Against Resistance Sparks Fear of Sell-Off

Key Takeaways
  • Solana's value is constantly improving, overcoming protracted negative influences and maintaining a strong upward momentum.
  • The total value locked (TVL) in Solana DeFi has increased significantly, topping $1.5 billion for the first time since August 2022, matching with the higher trend in pricing.
03-01-2024 By: Lokesh Gupta
SOLANA Prediction, Battle Against Resistance Sparks Fear of Sell-Off

SOLANA faces resistance, eyes $100 level breakthrough.

  • According to Coingabbar Price Analysis, Solana price initiated a downward correction from the $125 zone against the US Dollar.

  • Following its 2023 high at $127, Solana price experienced a retreat, forming a short-term falling wedge pattern with a series of lower lows and lower highs.

  • Solana is displaying a Rounding Bottom Pattern, potentially contributing to its upward momentum.

  • The current trading status shows Solana price is above $100 against the US Dollar, similar to Bitcoin.

  • To initiate another increase, the Sol/USD pair needs to maintain support levels at $104 and $100.

  • SOL is currently consolidating gains and might embark on a fresh increase if it surpasses the $117 mark.

  • A crucial factor for a potential sustained rally is a clear breach above the $118 resistance level.

KEY LEVELS :

RESISTANCE LEVEL : $110-$115

SUPPORT LEVEL : $105-$100

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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