bullish

Solana

Rise

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analysts-see-potential-for-solanas-rise" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analysts See Potential for Solana’s Rise</a><br></p>
<p style="text-align: justify">At the close of 2022 and the start of 2023, <a href="https://en.bitcoinhaber.net/analysts-see-solana-etf-potential" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> (SOL) faced skepticism, with some predicting its demise. However, the Solana network and its native token, SOL, rebounded impressively, climbing past $200 within a year, much to the delight of <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>. Despite a subsequent decline, which mirrored Bitcoin’s downturn, some analysts remain upbeat about Solana’s potential for further gains.</p>
<h2 id="what-do-analysts-say-about-solana">What Do Analysts Say About Solana?</h2>
<p style="text-align: justify">The cryptocurrency market, including Solana, has seen significant capital outflows. One prominent analyst, Ali Martinez, has shared an optimistic perspective. In his August 1st post on X, Martinez pointed to a bullish pattern on Solana’s four-hour chart, highlighting the 61.8% Fibonacci retracement level at $161.92—a critical support area for potential price increases.</p>
<p style="text-align: justify">Further supporting this positive outlook, the Relative Strength Index (RSI) on the four-hour chart indicated oversold conditions, suggesting that selling pressures might ease, potentially leading to a price rebound. Martinez’s analysis underscores the importance of this RSI signal in predicting market movements.</p>
<h2 id="which-levels-are-crucial-for-solana">Which Levels Are Crucial for Solana?</h2>
<p style="text-align: justify">Martinez emphasized the 61.8% Fibonacci level, proposing it as a buying zone. He also identified the range between $200 and $259 as a key profit-taking target, aligning with the upper boundary of a rising megaphone formation and the 1.272 and 1.414 Fibonacci extension levels. Notably, Martinez has previously set a long-term price target of $1,000 for SOL.</p>
<p style="text-align: justify">Another analyst, CryptoPoseidonn, predicts further selling in the near term, with a potential drop to $150. He suggests this level could present a new buying opportunity, setting a mid-term price target of $500 for SOL. As of now, SOL’s price had dipped by 3.35% to $156, which is below Martinez’s support level but not yet at CryptoPoseidonn’s suggested entry point.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">• The 61.8% Fibonacci level at $161.92 is crucial support for SOL.<br> • The RSI indicating oversold conditions suggests a potential price rebound.<br> • Profit-taking targets are set between $200 and $259.<br> • Potential buying opportunities may arise around the $150 level.<br> • Long-term price targets vary, with forecasts up to $1,000.</p>
<p style="text-align: justify">In conclusion, while Solana has experienced volatility, analysts see potential for recovery and significant gains. Investors should watch key levels and market signals closely.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analysts-see-potential-for-solanas-rise" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analysts See Potential for Solana’s Rise</a></h5>

Analysts See Potential for Solana’s Rise

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