As Solana's market performance continues to capture the attention of analysts, the cryptocurrency is currently trading at approximately $143.20, reflecting modest gains over the past week. According to the official information, observers are particularly focused on a potential double-bottom formation that could signal future price movements.
Key Resistance Level Identified
Analysts have identified a key resistance level between $148 and $150, which serves as the neckline for the potential double-bottom pattern. A successful breakout above this range could lead to significant upward momentum, with price targets set at:
- $165
- $180
Potential Price Retracement
Conversely, should the price face rejection at these resistance levels, it may retrace to the support range of:
- $128
- $132
Notably, there is strong accumulation occurring near the $130 mark, which is bolstering bullish sentiment among traders and investors for Solana's future performance.
In a notable development, Cardano (ADA) has recently broken through multi-year resistance levels, indicating a potential shift in market dynamics. This contrasts with Solana's current performance, as detailed in the latest update.
