SOLANA Prediction, Will the Rally Roar or Correction Clouds Gather

Key Takeaways
  • Stablecoin issuer Circle takes a significant step by introducing its EURC stablecoin directly on the Solana blockchain.
  • Users now have access to more economical Euro transactions, circumventing the high "gas" fees associated with Ethereum.
  • The 4-hour chart of the SOL/USD pair reveals a notable development – a breakthrough above a key bearish trend line with resistance around $76.00.
20-12-2023 By: Lokesh Gupta
SOLANA Prediction, Will the Rally Roar or Correction Clouds Gather

Bullish wedge breakout may fuel buying pressure in SOLANA.

  • According to Coingabbar Price Analysis,Solana initiates a new upward trend starting from the $67.00 zone against the US Dollar.

  • Similar to Bitcoin, Solana's price maintains a position above $76.00 against the US Dollar, setting the stage for potential strength.

  • SOL could witness substantial growth if it successfully surpasses the $80.00 resistance level.

  • The lower trendline of the wedge pattern serves as a safety net during the ongoing robust recovery.

  • Anticipation builds for a bullish breakout from the wedge pattern, intensifying buying interest from the market.

  •  SOL experienced a notable 15% upswing on December 18th, triggered by a reversal from the lower trendline, reaching the current trading price of $77.00.

  • The main query persists: Will Solana successfully breach the $80 hurdle, or is there a possibility of a downturn once again?

KEY LEVELS :

RESISTANCE LEVEL : $80.00-$83.00

SUPPORT LEVEL : $75.00-$72.00

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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