The post Solana (SOL) Chart Pattern Suggests Potential Massive Price Explosion to $280 appeared on BitcoinEthereumNews.com.

Market analyst Ali Martinez projects a 53% price rebound for Solana (SOL), potentially driving the asset to $280 amid a symmetrical triangle formation. The ongoing market downturn has sunk Solana by over 13% in the past week. However, the asset has now shown signs of a major price movement. Analyst Martinez recently called attention to Solana’s potential bullish breakout in a recent update on X. According to the analyst, SOL is gearing for a 53% uptick in its market price. In the analysis, Martinez identified critical support and resistance levels at $143 and $178, respectively. Martinez stated these thresholds are essential for predicting whether Solana will undergo a robust price ascent or face a downturn. #Solana is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the $SOL trend. pic.twitter.com/SB9tJ6D02u — Ali (@ali_charts) June 12, 2024 Solana Forms Symmetrical Triangle Notably, the chart accompanying Martinez’s analysis indicated that Solana’s candlestick patterns over the last two months have formed a symmetrical triangle, typically recognized as a bullish breakout signal. In mid-March 2024, Solana’s price entered this symmetrical triangle formation amid a surge from around $101 to nearly $210. After multiple rejections at the $210 level, the price retraced and found support around $141, coinciding with the 0.382 Fibonacci level. Subsequently, Solana’s price surged again, meeting resistance around the 0.786 Fibonacci level at $185. Upon reaching this level in early June 2024, Solana dipped back to $157. Currently, Solana’s price hovers near $150.95, marginally above the 0.5 Fibonacci level at $143. This area is critical as it aligns with the lower boundary of the symmetrical triangle, posing a potential make-or-break scenario for Solana. Solana Chart Symmetrical Triangle formation | TradingView Potential Breakout or Breakdown? Martinez’s insights suggest that…

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Filed under: News - @ June 13, 2024 10:16 pm