SOLANA Prediction, Unraveling the Breakout Bliss or Backtrack Blues
- Solana (SOL) experiences a 4.70% price jump amid talks of launching additional Saga phone models by its founder.
- Buyers maintain control, finding support at the vital baseline of $51 and establishing dominance above the psychological mark of $50.
- The resurgence in SOL's price indicates a strong likelihood of a breakout, targeting a run above the $68 threshold.
- Solana token has impressively surged by more than 700% since its lowest point in December.
SOLANA, trading above $60 like Bitcoin, consolidates gains, eyes $68+
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According to Coingabbar Price Analysis, The SOL price trend persists in a rising channel rally on the 4-hour chart.
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Solana's price has undergone four weeks of horizontal trading, fluctuating between $51.4 and $68.00.
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Indications of a short-term trend reversal are emerging, with the SOL price poised to surpass the $68 mark.
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The SOL price encounters resistance at the upper boundary of the Ascending Triangle pattern.
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In the 4-hour chart, Solana is currently positioned within the confines of a symmetrical triangle pattern.
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The bulls successfully breach $65 but struggle to maintain the momentum, leading to a subsequent price retracement.
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A bullish breakout above the overhead resistance trendline holds the potential to propel SOL's price to $75.
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Failure to break the channel might redirect the price towards $58 or the lower range near $50 within the channel.
KEY LEVELS :
RESISTANCE LEVEL : $65.00-$68.00
SUPPORT LEVEL : $60.00-$58.00
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.
