Solana

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-predicts-solana-breakout" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Solana Breakout</a><br></p>
<p style="text-align: justify">In 2023, <a href="https://en.bitcoinhaber.net/solana-whale-invests-millions" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> experienced significant volatility, plummeting to low levels before surging past $200 in early 2024. Currently trading around $140, analysts suggest another potential breakout for the cryptocurrency. According to expert RLinda, despite recent declines influenced by macroeconomic factors such as the US unemployment rate and profit-taking activities, Solana is in a consolidation phase linked to a strong upward trend. RLinda’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a> predicts that Solana’s price could surge from its current $147 level to $205.</p>
<h2 id="technical-analysis-insights">Technical Analysis Insights</h2>
<p style="text-align: justify">Examining Solana’s chart formations on both daily and weekly timeframes reveals specific patterns and potential actions. The daily chart shows Solana consolidating within a triangle formation. This pattern, common in market analysis, typically suggests the continuation of an existing trend, often leading to an upward movement.</p>
<p style="text-align: justify">The chart highlights a significant resistance level at $162.45, the upper boundary of the formation. A break above this level could signal a strong upward trend. Conversely, support levels at $141.20, $136.70, and $126.40 suggest possible correction points if a pullback occurs. Moreover, the 0.5 Fibonacci retracement level around $137 indicates a potential correction, presenting a buying opportunity for investors.</p>
<h2 id="analyst-s-price-target-for-solana">Analyst’s Price Target for Solana</h2>
<p style="text-align: justify">RLinda’s broader analysis over several months reinforces the triangle formation observed in the weekly chart, echoing the daily chart’s findings. The $162.45 resistance level remains pivotal. Further resistance levels are noted at $188.32 and $205.20, which could come into play following a breakout above the initial resistance. Significant support around $128.01 is identified for scenarios where the price dips before potential gains.</p>
<h2 id="key-investment-implications">Key Investment Implications</h2>
<p style="text-align: justify">– A potential breakout above $162.45 could signal strong upward momentum for Solana.<br> – The 0.5 Fibonacci retracement level around $137 presents a buy opportunity before a breakout.<br> – Significant support levels at $141.20, $136.70, and $126.40 can guide investors during pullbacks.<br> – Long-term resistance targets at $188.32 and $205.20 offer insight into <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> price movements.</p>
<p style="text-align: justify">In conclusion, Solana’s technical chart analysis presents a promising outlook, with a potential breakout on the horizon. Investors should monitor key resistance and support levels to make informed decisions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analyst-predicts-solana-breakout" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Solana Breakout</a></h5>

Analyst Predicts Solana Breakout

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