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Solana (SOL) Aims at $258 as Bullish Wedge Occurs: Analyst
- Analysts observe a bullish wedge pattern in Solana (SOL), potentially pushing the price to $258.
- Key Fibonacci levels and support areas present a favorable buying opportunity.
- Short-term weakness in Solana is noted alongside expectations for a forthcoming breakout.
- Rose Premium Signals sees signs of a bullish breakout in SOL, citing a descending wedge formation on the weekly chart.
- SOL encounters a significant demand area at the 0.618 Fibonacci level, suggesting a potential price surge.
- Analysts identify an optimal 'LONG ZONE' entry point for a potential Solana rally post-wedge breakout.
- Rose Premium Signals forecasts upward price targets for SOL at $204.31, $229.01, and $258.45.
- Technical indicators on the daily chart show SOL trading at around $143.71 with mixed signals.
- RSI near 42.07 indicates potential oversold conditions, hinting at a possible buying opportunity.
- MACD exhibits a bearish signal, but the gap between MACD and signal line is narrowing.
- Weekly chart outlook remains bullish if the wedge pattern unfolds as anticipated, offering hope for a breakout.
- A successful breakout could propel SOL towards analyst targets, notably the $258.45 level.
- Analysts maintain an optimistic long-term stance on Solana amidst the wedge pattern and historical support areas.
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