In 2023, Solana experienced significant volatility, plummeting to low levels before surging past $200 in early 2024. Currently trading around $140, analysts suggest another potential breakout for the cryptocurrency.
Technical Analysis Insights
Expert RLinda, despite recent declines influenced by macroeconomic factors such as the US unemployment rate and profit-taking activities, suggests that Solana is in a consolidation phase linked to a strong upward trend. According to their technical analysis, Solana’s price could surge from its current $147 level to $205.
Analyst’s Price Target for Solana
Examining Solana’s chart formations on both daily and weekly timeframes reveals specific patterns and potential actions. The daily chart shows Solana consolidating within a triangle formation, commonly suggesting the continuation of an existing trend. The significant resistance level at $162.45, the upper boundary of the formation, signals a strong upward trend if broken. Support levels at $141.20, $136.70, and $126.40 indicate possible correction points, with the 0.5 Fibonacci retracement level around $137 presenting a buying opportunity.
Key Investment Implications
RLinda’s broader analysis over several months reinforces the triangle formation observed in the weekly chart, echoing the daily chart’s findings. The $162.45 resistance level remains pivotal, with further resistance levels at $188.32 and $205.20. Significant support around $128.01 is identified for scenarios where the price dips before potential gains.
In conclusion, Solana’s technical chart analysis presents a promising outlook, with a potential breakout on the horizon. Investors should monitor key resistance and support levels to make informed decisions.
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