Solana Slides 15%, Can It Recover Despite Major Prediction?
The post Solana Slides 15%, Can It Recover Despite Major Prediction? appeared on BitcoinEthereumNews.com.
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. 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. Solana market cap currently at $58 billion. Chart: TradingView.com Can SOL Weather The Short-Term Squall?…
Filed under: News - @ June 24, 2024 12:08 pm