Lokesh Gupta
12-06-2024
#Solana reached a monthly high of $188 on May 20 but declined to $145 thereafter. The price extended losses below the $150 support zone.
Despite triggering a minor bull run in late 2023, rejection from yearly highs above $200 initiated a fresh descending trend.
The price has been forming constant lower lows and highs, indicating growing bearish strength, possibly leading to a rally towards crucial support levels.
On the daily chart, Solana is trading within a Symmetric Triangle pattern.
Currently consolidating, Solana's price might recover if it surpasses the $154 resistance zone.
According to Coingabbar analysis, If the market favors the bulls, SOL could regain momentum and test the $155 resistance level by the upcoming weekend.
Additionally, surpassing this zone may propel the altcoin towards its upper high of $200 this month.
Conversely, failure to regain momentum could result in continued bearish influence, with SOL potentially testing its crucial support level of $126.75 in the near future.
KEY LEVELS :
RESISTANCE LEVEL : $160-$175
SUPPORT LEVEL : $144-$132
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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