Solana Slides 13% – Can It Recover Despite Analyst’s $1,000 Prediction?
24 Junho 2024 - 8:30AM
NEWSBTC
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 dipped by 13% over the past week, leaving
investors wondering what lies ahead. Related Reading: Toncoin On
Fire: Crypto Explodes To All-Time High – Can It Hit $10? 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. Frothy Past, Steady Handle:
A Recipe For A Breakout? 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. #SOLANA $1000 Roadmap 🚀$SOL
pic.twitter.com/s7KipEbDTd — Crypto Patel (@CryptoPatel) June 22,
2024 $520 Or $1,042: Patel’s Ambitious Price Targets 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. 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. Can SOL Weather The Short-Term Squall?
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. Related Reading: Forget
The Dip! XRP Primed For Epic Rally To $36, Expert Claims 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
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