Lokesh Gupta
17-05-2024
#Solana initiates a new upward movement surpassing the $160 resistance level.
The SOL price has surged by almost 3.20%, with potential for further growth if it breaks through the $175 resistance barrier.
In February, #Solana attempted to breach the $200 mark but failed to sustain the rally due to profit booking by investors.
After a corrective phase, the chart now shows a confirmed Cup and Handle pattern.
On May 15th, $SOL formed a Maraubozu candle, followed by a long wick candle the next day.
However, today, $SOL is forming another Maraubozu candle, indicating bullish sentiment.
Solana's price is currently on the rise, finding support from an upward trendline.
According to Coingabbar analysis, The bullish trend suggests a potential break above $170, approaching $190. Further momentum could drive it to $200 or even $250.
Conversely, in a downturn, SOL may retreat to $155 support, with a further decline to $150 amid bearish dominance.
KEY LEVELS :
RESISTANCE LEVEL : $175-$185
SUPPORT LEVEL : $160-$150
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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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