Solana (SOL) Poised For Major Upswing, Analyst Forecasts $328
August 05 2024 - 2:17AM
NEWSBTC
Solana (SOL) refuses to be taken out of the picture as the crypto
market takes a heavy beating. In fact, the altcoin has appeared on
this analyst’s radar, and for good reasons. An optimistic analysis
by trader WHALES_CRYPTOx brings Solana back in the spotlight.
According to the trader’s observations, SOL is about to see a huge
price increase, which has investors and experts talking. However,
what does this signify for Solana’s future? Related Reading:
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Overcoming Obstacles The price movement of Solana in the last
several days has been quite erratic. Despite this, the
cryptocurrency, according to WHALES_CRYPTOx, has emerged from a
bullish pennant formation on the weekly chart, a technical pattern
sometimes linked to significant higher rises. This breakthrough is
especially significant since it comes after Solana successfully
broke through the resistance level of $120, which had previously
prevented its climb. 💰 #SOL/USDT released the breakout off the
bullish pennant on weekly🔥 Send it✈️ 👇Crypto Traders-join Telegram👇
https://t.co/caOlZBzS3k . pic.twitter.com/o3ZhmTYc5a —
Whales_Crypto_Trading 🐋 (@WHALES_CRYPTOx) August 4, 2024 The trader
highlights that this breakout points to further buying pressure,
which might create a new support level near $120. This change is
significant since it indicates that the market’s perception of
Solana is improving. The prognosis also identifies significant
Fibonacci retracement levels, and the fact that the price is now
above the 0.618 level suggests that there may be further increases
ahead. Solana: Strength Indicators The 50-week Exponential Moving
Average (EMA) has been a reliable source of support for Solana
throughout its current consolidation period, which strengthens the
bullish thesis. SOL’s sustained presence above this crucial metric
supports the idea that the rising trend will continue. With his
crystal ball seeing the $328.60 level, WHALES_CRYPTOx has his eyes
glued on the 1.618 Fibonacci extension. This objective signifies a
potential bounce-back from the altcoin’s present trading price of
approximately $143.40. The analyst, however, warns that short-term
volatility may present some challenges, particularly in light of
recent trading numbers that show a 5% retreat in price and a 26.32%
reduction in trading volume over the previous day. A Mixed Bag Of
Opinion On The Market The recent decline in trade metrics adds a
degree of concern even if the technical indicators show a positive
picture. This narrative makes us wonder: Is Solana ready for a real
breakthrough, or are we just seeing a passing fad of interest?
Bullish indications are strong, but they need to be considered in
the context of the actual state of the market since the
cryptocurrency market is infamously volatile. Meanwhile, with an
expected price increase of 2.72% over the next three months, Solana
could be be affordable for the time being. Still, looking further
out, traders should anticipate a solid 81.31% growth rate over the
next six months, so things are looking good. Related Reading:
Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend The
Road Ahead For Solana Solana’s potential is growing, but the
cryptocurrency industry is divided. Some investors are ready to
benefit on the volatile market, while others are hesitant owing to
some concerns. Time will define Solana’s destiny and its ability to
meet analysts’ high price predictions. Featured image from
1ATH.Studio – Medium, chart from TradingView
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