A naukri.com initiative
Blockonomi
2w
167
Image Credit: Blockonomi
Solana Price Eyes Breakout as Bullish Wedge and Fib Confluence Signal Uptrend
- Solana shows signs of a potential breakout with a bullish wedge forming near $144 alongside a 0.618 Fibonacci retracement support.
- Analysts, including Rose Premium Signals, anticipate upside targets at $204, $229, and $258 if the breakout is confirmed.
- A surge in volume and a breakout from the wedge pattern could invalidate the current bearish trend.
- SOL is currently trading near $145 with increasing volume and notable interest at a key demand zone.
- The bounce from the $144 demand zone combined with the Fibonacci level signals a bullish opportunity for traders.
- The descending wedge formation seen in Solana's chart suggests a potential trend reversal.
- An upward breakout from the wedge could lead to a significant price increase as per technical analysis.
- Breaking out of the wedge would indicate a shift towards bullish momentum and potentially new price targets.
- Three key upside targets are identified at $204, $229, and $258 based on historical resistance levels and Fibonacci projections.
- Solana's current price is at $144.90 with a 2.86% increase in 24 hours, though weekly chart shows a 2.53% decline.
- Trading volume has reached $5.39 billion, reflecting growing interest in SOL.
- Traders are advised to closely monitor price movements near resistance levels to capitalize on potential breakout opportunities.
Read Full Article
10 Likes
For uninterrupted reading, download the app