Solana Slides 15%, Can It Recover Despite Major Prediction?


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

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.

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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.


$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.

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This
could
involve
a
further
consolidation
phase
and
a
potential
pullback,
a
necessary
evil
to
gather
momentum
for
a
powerful
breakout.

Solana
market
cap
currently
at
$58
billion.
Chart:

TradingView.com


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

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.

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Featured
image
from
Lookphotos,
chart
from
TradingView

Go to Source
Author: Christian Encila


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