2024-8-30 21:30 |
Solana (SOL) is in a consolidation phase, according to an analysis by Cilinix Crypto. SOL’s price action has been confined to around $137-$140 on the lower end and $160 at the top.
Despite this sideways movement, the analyst maintains a cautiously optimistic outlook for SOL.
Solana’s Suggests Potential for Minor Bullish BreakoutThe analysis highlights key support levels for Solana. The $140 mark has held firm, indicating a positive sign for the crypto. However, Cilinix Crypto does not anticipate a breakout beyond $162 without bullish momentum or a catalyst like an ETF application.
Momentum indicators show a slight increase in open interest and positive Cumulative Volume Delta. This suggests some buying pressure in the market. The analyst believes Solana might see a move up to $155-$160 but advises against buying at current levels.
Strategic Considerations for TradersCilinix Crypto recommends waiting for a clear break above $147-$148 before considering a position in Solana. This level needs to flip to establish a solid support base. The analyst emphasizes the importance of confirmation before taking any trading action.
“If you really want to trade that, I would wait for that level at $148-$147 to flip as well, because then you have a solid support,” the analyst stated. This cautious approach reflects the current market sentiment surrounding Solana.
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Solana’s Performance Against BitcoinThe analysis notes that Solana is holding up relatively well against Bitcoin. This comparison provides additional context for SOL’s current market position. The analyst sees no immediate reason for a bearish breakout in this pairing.
While the technical structure supports a minor bullish breakout, a price surge seems unlikely without broader market improvements. Cilinix Crypto expects a continuation up to the top of the range but remains cautious about further upside potential.
The analyst concludes, “Ultimately, I do expect that minor bullish breakout and the continuation up to the top of the range.” This statement encapsulates the overall sentiment of cautious optimism surrounding Solana’s near-term price action.
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The post Is a $148 Breakout the Key to Solana’s (SOL) Next Price Uptick? appeared first on CaptainAltcoin.
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