2024-5-8 20:00 |
Crypto enthusiast and influencer CryptoJack shared his bullish stance on Solana (SOL) on X, highlighting a technical formation that predicts a robust upward trajectory. He states, “Solana formed a rounding bottom pattern over many weeks and is primed for an explosion any moment now. I entered a Long position on $SOL and expect it to break ATHs this year!” CryptoJack grounds his analysis in a comprehensive examination of Solana’s price movements and key technical indicators.
Cup and Handle Formation Signals UpsideAnalysis of the Solana chart on a 1-week timeframe reveals a classic ‘cup and handle’ pattern, suggesting an impending price surge. This pattern typically indicates bullish momentum following a period of consolidation. Before the handle formed, Solana’s price escalated from a low of approximately $22 in mid-2023 to nearly $200 in 2024, meeting resistance and retracting to a support level around $140. The recent price action shows upward movement from this base, with green candlesticks signaling buying interest.
The $200 mark stands as a major resistance level, forming the rim of the cup in the chart pattern. Currently, Solana’s price is consolidating around $140, establishing it as the present support. Traders and investors are closely monitoring these levels, anticipating a breakout. A projected target of up to $360 by 2025 underscores the optimistic scenario envisioned by CryptoJack.
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Show more +Show less – Market Implications and Future ProjectionsThe bullish outlook for Solana hinges on the ability of its price to convincingly break above the $200 threshold. Such a breakout, ideally accompanied by increased trading volume, would confirm the pattern’s predictive strength. However, should resistance at $200 prove formidable, Solana may experience further consolidation beneath this level before attempting another breakout.
Solana investors and market spectators need to take into account additional market factors and news related to both Solana and the broader cryptocurrency landscape. These elements are crucial for validating the bullish predictions suggested by technical chart patterns.
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The post Top Crypto Analyst Predicts Solana’s SOL to ‘Break ATHs this Year’: Here’s Why appeared first on CaptainAltcoin.
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