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Blockonomi

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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.

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