Lokesh Gupta
27-07-2024
According to the daily chart, Solana broke out of the descending triangle pattern on July 19.
The SOL/USD pair has been forming a cup-and-handle chart pattern on the daily time frame since May 20.
#Solana has bounced back from a dip at the $165 support level, signaling a crucial reversal.
In the early session, #Solana converted the $185 resistance level into new support.
$SOL now trades higher near the handle range and is pursuing a recovery toward the neckline resistance at $186.
According to DefiLlama data, Solana’s Total Value Locked (TVL) has increased by over 8.8% in the past week, rising from $4.9 billion to $5.42 billion.
According to Coingabbar analysis, A decisive daily candlestick close above the neckline could lead the SOL price to $252, up 35% from the current levels.
If $SOL fails to hold above the $185 resistance, it could initiate another decline. Initial support is around $172, with major support at $170.
KEY LEVELS :
RESISTANCE LEVEL : $195.00-$210.00
SUPPORT LEVEL : $172.00-$160.00
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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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