Solana To Hit $260 Despite Continuous Dip, Analyst Says
The post Solana To Hit $260 Despite Continuous Dip, Analyst Says appeared on BitcoinEthereumNews.com.
Solana (SOL) has been on a rollercoaster ride of late, with its its value seeing erratic shifts and even retreating in many instances. Related Reading For Solana, the sharp swings in the market have presented a difficult picture; nevertheless, experts still have optimism. They see this as a passing phase even with the downward pressures. The altcoin’s technical developments point to an interesting future. At the time of writing, SOL was trading at $150, down 6.2% and 17.1% in the daily and weekly frames, data from Coingecko shows. Even within the turmoil, the recent trading volume of $9.80 billion over the past 24 hours demonstrates a notable degree of activity and investor interest. Technical Indicators And Bullish Patterns Ali Martinez, a famous crypto analyst, recently talked about Solana’s possible return, which makes dealers and buyers very interested. Martinez’s study indicates on Solana’s 4-hour chart a bullish megaphone pattern developing. This trend, which shows growing volatility, usually comes before significant price increases. I know, the dip keeps dipping! However, #Solana might be forming a bullish megaphone on the 4-hour chart. The recent correction to the 61.8% Fibonacci level and oversold RSI suggest it could be a good time to buy $SOL. Consider placing your stop-loss around $156-$154 and… pic.twitter.com/ylnaPAf2EV — Ali (@ali_charts) August 1, 2024 One of the main signs that could validate Solana’s positive outlook is the digital asset’s adaptation to the 61.8% Fibonacci retracing level. Highly important in technical analysis, the Fibonacci retrace aids in the estimation of probable support and resistance levels. Especially the said level is viewed as a tipping point when normal market fluctuations are expected. To reduce risk, Martinez recommends establishing a stop-loss order between $156 and $154, therefore guaranteeing that, should the price fall to this predefined level, holdings are instantly liquidated. This approach…
Filed under: News - @ August 4, 2024 2:08 am