Lokesh Gupta
07-03-2024
#Solana ($SOL) is showing a stable base above $120 against the US Dollar, akin to Bitcoin's behavior.
Currently, $SOL is in a consolidation phase and poised to potentially initiate a fresh uptrend above $150.
Coingabbar's analysis of the daily SOL chart suggests that the price is trading near the upper boundary of an ascending channel.
On March 5, SOL faced resistance at $143 and retraced to the 50-day SMA. However, the presence of a long tail on the day's candlestick indicates strong bullish defense of the 50-day SMA.
Bulls have successfully pushed the price above $120 and are likely to attempt breaking through the $143 barrier again.
A successful breach of $143 could pave the way for SOL/USDT pair to target the next resistance level at $158.
In case of a trend reversal, SOL's price might find support initially at $125, with further downside potential towards $117 under increased bearish pressure.
According to Coingabbar's analysis, Solana price projection 2030 continues to be near $500, while Solana price prediction 2040 is expected to be $1000.
KEY LEVELS :
RESISTANCE LEVEL : $143-$150
SUPPORT LEVEL : $132-$125
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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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