Solana Slides 13% – Can It Recover Despite Analyst’s $1,000 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: 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
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.
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.
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