2024

Solana

Toncoin

Solana (SOL) has been caught in the crypto current, tossed back and forth by recent market volatility. After an impressive rally earlier in 2024, SOL has <a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener nofollow">dipped by 13%</a> over the past week, leaving investors wondering what lies ahead. 
Technical analyst, Patel, believes he may have charted a course for the high-speed blockchain’s future, and it involves a refreshing beverage. Examining the weekly SOL/USDT chart, Patel identifies a classic “Cup and Handle” pattern, a bullish indicator that resembles, well, a cup and its handle. 
<h2 data-sourcepos="7:1-7:66" id="strong-frothy-past-steady-handle-a-recipe-for-a-breakout-strong">Frothy Past, Steady Handle: A Recipe For A Breakout?</h2> 
The “cup” portion of the pattern, according to Patel, stretches from mid-2021 to mid-2022, encompassing Solana’s meteoric rise and subsequent fall. The current consolidation phase forms the “handle,” a period where the price steadies after the initial parabolic movement. 
For SOL bulls, the key hurdle lies in surpassing the resistance zone around $200-$225, a level that has historically acted as a psychological barrier. A successful breach of this resistance could be the first sip of a bullish resurgence. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/SOLANA?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#SOLANA</a> $1000 Roadmap <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$SOL</a> <a href="https://t.co/s7KipEbDTd" rel="nofollow">pic.twitter.com/s7KipEbDTd</a> 
 — Crypto Patel (@CryptoPatel) <a href="https://twitter.com/CryptoPatel/status/1804490298979999852?ref_src=twsrc%5Etfw" rel="nofollow">June 22, 2024</a>
</blockquote> 
<h2 data-sourcepos="13:1-13:59" id="strong-520-or-1-042-patel-s-ambitious-price-targets-strong">$520 Or $1,042: Patel’s Ambitious Price Targets&nbsp;</h2> 
Patel’s analysis ventures beyond the immediate resistance, outlining two potential price targets for SOL in the medium to long term. The first target, TP1, sits at $520, a level that would revisit previous highs and signify a significant upswing. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-626107" src="https://www.newsbtc.com/wp-content/uploads/2024/06/A_402fa5.png?resize=1024%2C481" alt="" width="1024" height="481" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/A_402fa5.png?resize=1024%2C481?w=1579 1579w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_402fa5.png?resize=1024%2C481?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_402fa5.png?resize=1024%2C481?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_402fa5.png?resize=1024%2C481?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_402fa5.png?resize=1024%2C481?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_402fa5.png?resize=1024%2C481?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_402fa5.png?resize=1024%2C481?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
But Patel doesn’t stop there. His second target, TP2, raises eyebrows at a staggering $1,042, reflecting an extremely optimistic long-term view. However, reaching these lofty heights hinges on completing the handle formation entirely. 
This could involve a further consolidation phase and a potential pullback, a necessary evil to gather momentum for a powerful breakout. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/QFJmUl0j/" alt="" width="2475" height="1163"> 
<h2 data-sourcepos="19:1-19:63" id="strong-can-sol-weather-the-short-term-squall-strong">Can SOL Weather The Short-Term Squall?</h2> 
While Patel’s analysis paints a rosy long-term picture, the short-term forecast for SOL is a bit cloudier. Current market indicators suggest a bearish undercurrent, with Solana trading below its 100-day Simple Moving Average (SMA). The Relative Strength Index (RSI) adds to the bearish sentiment, hovering below 50% and flirting with oversold territory. 
In the immediate future, SOL could face a potential downside scenario, with some analysts predicting a dip towards the $118 support level, or even as low as $99. However, there’s always a chance of a reversal. If the tides turn, SOL could potentially surge past the $140 resistance level, setting its sights on loftier targets like $160 and $188. 
Patel’s analysis serves as a strategic roadmap for investors navigating the choppy waters of the cryptocurrency market. While SOL may encounter some short-term turbulence, the long-term outlook remains bullish, contingent on breaching crucial resistance levels and maintaining upward momentum. 
Featured image from Lookphotos, chart from TradingView

Solana Slides 13% – Can It Recover Despite Analyst’s $1,000 Prediction?

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