Solana (SOL) 180-Day Consolidation Set to Break: Massive Rally Just Around the Corner?
06 Setembro 2024 - 10:00PM
NEWSBTC
Solana (SOL) has been holding above the $120 mark since
experiencing a significant 24% retrace from its local highs. As the
crypto market faces growing fear and uncertainty, Solana has
remained one of the strongest performers this cycle, attracting
attention from analysts and investors looking for opportunities.
This current price zone is critical, as it will likely determine
the asset’s next big move. Related Reading: Ethereum (ETH)
Triangle Formation Hints At A Double Bottom: Breakout and New ATH?
Traders are closely monitoring whether SOL can maintain support
around $120, as holding this level could set the stage for a
potential recovery and rally. However, if Solana loses this key
support, the market could see a deeper correction in the coming
days. With many investors eager to assess Solana’s strength in the
face of broader market volatility, this battle at $120 will be
pivotal for its short-term direction. All eyes are on Solana as it
approaches this crucial decision point. Solana Holding Strong Since
March, Solana (SOL) has been in a massive consolidation phase,
trading between strong monthly support at $120 and a monthly
resistance at $210. This 180-day consolidation has caught the
attention of analysts, including top trader Curb, who recently
shared his insights on X. Curb’s analysis highlights the
significance of this prolonged range-bound action, suggesting that
the move could be explosive when Solana eventually breaks above the
consolidation. According to Curb, Solana is primed for a swift
rally to the $400-$500 range once it breaks out of its current
price range, followed by further upside to potentially $800-$1,000.
His forecast is based on the strong fundamentals and technical
setup Solana has maintained throughout this period of
consolidation. Related Reading: Can Avalanche (AVAX) Reclaim $30?
Top Analyst Predicts A Dip Before A Bounce Solana has gained
increasing traction as the market evolves, both within the crypto
community and from institutional investors. Its growing ecosystem,
which includes decentralized applications (dApps), NFTs, and a
robust developer community, has fueled optimism for long-term
growth. Investors are watching closely as the price hovers near the
key $120 support, awaiting a potential breakout that could propel
SOL into its next bullish cycle. This consolidation phase has built
up significant pressure, and the next move could define Solana’s
trajectory for the rest of the cycle. SOL Price Testing Demand
Solana (SOL) is trading at $129.60 after experiencing choppy price
action. Volatility and uncertainty drive the market, with SOL
testing a local demand zone between $122 and $135. Despite this,
the price movement has a noticeable lack of strength. SOL remains
below its 4-hour 200 moving average (MA), which sits at $143.76,
signaling weak momentum since its recent high. For bulls to regain
control, the price must break above the 4-hour 200 MA and target
local supply at $160. This would be crucial to reversing the
current bearish sentiment and setting the stage for a potential
rally. Related Reading: Analysts Predict Solana’s Surge: $233
Target In Sight As Breakpoint Approaches However, if the price
falls below the $120 support level, it could trouble investors.
Such a breakdown would likely signal the end of the consolidation
phase and the start of a deeper correction, potentially driving SOL
to lower levels. Featured image from Dall-E, chart from TradingView
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