Solana Stays Strong Despite BTC Drop – $176 Next?
23 Outubro 2024 - 1:00PM
NEWSBTC
Solana (SOL) is holding strong above the $160 mark after the
broader market experienced a healthy dip to previous demand levels.
Despite the dip, Solana has shown resilience, though the past few
hours have been marked by short-term volatility with rapid price
fluctuations. Investors are closely monitoring the next moves as
Solana navigates this uncertain phase. Related Reading: 53% Of
Binance Traders Are Shorting Bitcoin – What Does This Mean For
Price Action? Top analyst Carl Runefelt recently shared a technical
analysis suggesting a potential surge for SOL in the coming days,
with a target of $176. His analysis highlights key bullish
patterns, but concerns about the broader market correction could
drag Solana down if the correction intensifies. With the market in
flux, the next few days will be crucial for SOL. Investors watch
closely for signs of strength or weakness that could influence the
price action. While optimism remains for a potential surge, caution
is warranted as the market correction unfolds. Solana Testing
Previous Supply As Demand Solana is currently at a critical
level, holding strong above $160, a price that had previously acted
as resistance since early August. SOL has broken above this level
and found support, so it signals a potential shift in the monthly
trend that has kept the price suppressed. Investors are watching
closely to see if this shift will lead to continued bullish
momentum. Crypto analyst and investor Carl Runefelt recently shared
a technical analysis on X, offering insight into Solana’s
short-term outlook. He revealed a 1-hour chart showing a
symmetrical triangle, a bullish pattern often preceding strong
price movements. The upper line of this triangle sits around
$168, and Runefelt suggests that if SOL manages to break above this
level, the next target would be $176. This would mark a significant
push to new local highs, further solidifying Solana’s bullish
trend. As Solana continues to hold above $160, the market is
waiting. Investors are exercising patience and are aware that the
next few hours and days could be pivotal for SOL’s price
action. Related Reading: XRP Network Activity Surges As Price
Seeks To Break $0.55 Resistance If the bullish pattern materializes
and the price breaks out, it could lead to a significant rally.
However, until that breakout occurs, traders are cautious, knowing
that short-term volatility could still impact Solana’s performance.
Technical Levels To Watch Solana is currently trading at $165
after facing a rejection from the $171 mark, a key resistance level
that may hold the price down for a few days or weeks. Despite this
setback, SOL has shown resilience, rebounding strongly from the
daily 200 moving average (MA) at $150 and successfully breaking
past the $160 resistance. This breakout is a significant
development, signaling a potential upside once the broader market
begins pushing up again. Holding above the $160 level is crucial
for SOL, reflecting investor confidence and signals strength in the
price action. Holding this support level would signal optimism
about Solana’s ability to rally and reach new yearly highs in
November. Related Reading: Ethereum Bullish Breakout Confirmed –
Top Analyst Predicts $3,400 Target The coming days will determine
whether SOL can keep bullish momentum or if a prolonged
consolidation below $171 is in. Investors are closely watching for
signs of strength and a continued push higher. Featured image from
Dall-E, chart from TradingView
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