Lokesh Gupta
06-04-2024
#Solana fails to maintain its position above the $200 psychological level against the US Dollar
Network congestion experienced by users and FTX's sale of assets at discounted rates are contributing factors to Solana's decline.
The coin has encountered rejection twice from overhead resistance within a span of three weeks, indicating active seller defense at this level.
Analysis of the daily chart highlights the formation of a double top pattern.
Amidst the ongoing market sell-off, $SOL's price has dropped by 13% from its recent peak to its current trading price of $178.
#Solana's price has plunged under the influence of a bearish pattern, challenging the neckline support at $163.
A successful breakdown below the $163 support level could intensify selling pressure, potentially extending the correction trend to $120.
Conversely, a reversal from the $163 support level would weaken the bearish outlook, possibly leading to sideways movement.
According to Coingabbar's analysis, #Solana price prediction 2030 to hit around $700, while Solana price prediction 2040 potential for a surge to $1500.
KEY LEVELS :
RESISTANCE LEVEL : $185-$192
SUPPORT LEVEL : $168-$160
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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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