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<p>A crypto analyst on <a href="https://www.tradingview.com/chart/SOLUSDT/VKUqCMPk-Should-SOLUSDT-be-bought/" target="_blank" rel="noopener noreferrer nofollow">TradingView Maximilian_FX</a> is calling for Solana (SOL) to see further upside after breaking out from a bearish pattern on the charts. According to Maximilian_FX, SOL/USDT has broken out of a bearish channel formation on the 4-hour time frame, suggesting the bulls are taking control in the near-term.</p>
<p>A bearish channel refers to a technical pattern where an asset’s price is making lower highs and lower lows between two descending parallel trend lines. A breakout from this pattern to the upside is considered a bullish signal, as it indicates the selling pressure has diminished and buyers are taking over.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="398" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-1024x398.png" alt="" class="wp-image-486565" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-1024x398.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-300x116.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-767x298.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-1536x596.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-2048x795.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-386x150.png 386w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-100x39.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-901x350.png 901w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-117-788x305.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-117.png 1607w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Maximilian_FX notes that Solana maintaining above the former resistance level of this bearish channel, now flipped as support, shows “the next wave of price increases is waiting.”</p>
<p>The analyst is targeting an initial move up to $143.88 for SOL, which has now been broken, as the price now trades around $147. Following this, Maximilian_FX states the next major upside target will be to $159.47.</p>
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<p><em>“From the 4-hour chart, SOL/USDT has broken out of the bearish channel, which favors the rising bulls in the short term,” </em>he explained. <em>“Accordingly, maintaining at this high level and the technical support shows that the next wave of price increases is waiting.”</em></p>
<p>Solana is a high-performance blockchain focused on scaling via its unique proof-of-history consensus. SOL is currently trading around $147, up over 9% in the last 7 days amidst a broader recovery in the crypto markets.</p>
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<p>The post <a href="https://captainaltcoin.com/solana-turns-bullish-following-bearish-channel-breakout-sol-analyst-shares-his-short-term-price-targets/" rel="noopener noreferrer nofollow">Solana Turns Bullish Following Bearish Channel Breakout: SOL Analyst Shares His Short-Term Price Targets</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana Turns Bullish Following Bearish Channel Breakout: SOL Analyst Shares His Short-Term Price Targets

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