Solana Price Analysis As Bullish Fractal Targets $180

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends that have shaped my understanding of the dynamics at play. The recent events surrounding Solana (SOL) are no exception.

After experiencing a significant decrease in value down to around $110 last week, Solana’s price began a rebounding trend. This price movement culminated in a slight surge that reached towards the $164 mark following the breaking of resistance at both $140 and $150.

As a crypto investor, I’ve been navigating through turbulent waters due to the unease in the market caused by escalating trader discontent over elevated interest rates. The looming threat of an American recession added more fuel to the fire, resulting in another minor price plunge where Solana (SOL) revisited its $140 support level. Despite this, during US business hours on Wednesdays, the competitive smart contracts token hovered around $144, struggling under the weight of high volatility that typically accompanies the release of Consumer Price Index (CPI) data.

Solana Partners With Selecta For USDC Payments

As an analyst, I’m observing the growth trajectory of Solana’s ecosystem, and it’s quite impressive. Recent strategic partnerships are significantly boosting its practicality. For instance, the alliance with Selecta, which allows USDC payments for snacks and drinks in France, underscores Solana’s increasing acceptance among users.

As an analyst, I’m highlighting that Selecta, a pioneering fast-food tech company, is convinced that effortless cryptocurrency transactions could revolutionize the European market. Roland Ludwig, who serves as both the CTO and COO of Selecta, expressed his enthusiasm by stating, “For the first time, crypto payments didn’t seem like a complex contraption. Transactions on Solana were just as swift as traditional methods, yet more economical for us to handle. It’s an outstanding solution for everyone!”

With this advancement combined with its market behavior, it presents an optimistic outlook regarding the potential increase in Solana’s price.

Today, Six smart refrigerators in Paris, along with more than twenty other spots across France, have been activated by Selecta. These smart refrigerators now enable consumers to purchase a quick snack or beverage using USDC digital currency on the Solana network.

When asked about the initiative, Roland Ludwig, Selecta CTO & COO said “For me, this was the first…

— Solana (@solana) August 14, 2024

Solana Price Bullish Fractal Analysis

The forecast indicates that Solana’s price could increase significantly, possibly reaching around $180, due to its robust technical structure and increasing popularity. Yet, it’s important to remember that the cryptocurrency market can be unpredictable, so caution is advised. To minimize potential losses, setting a stop-loss order beneath $140 would be prudent.

Solana is displaying a convincing pattern that suggests an upward movement toward the $180 resistance level. This bullish pattern emerges following a downward trend, characterized by a lower bottom point followed by two successively higher bottom points.

It appears that the trend could indicate an impending change in direction, possibly a reversal. Traders tend to jump in when they spot a breakout in this pattern, hoping to reach a goal price equivalent to the height of the fractal. For Solana, their objective is set at $180, with the possibility that the rally could push even further up to around $200.

Solana Price Analysis As Bullish Fractal Targets $180

Keep in mind that the daily graph shows a distinct descending triangle structure, which, if breached, could increase the chances of a price drop. This pessimistic view is supported by the Relative Strength Index (RSI) falling below the midpoint (50), indicating an escalating selling pressure on Solana prices around $130 and $120.

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2024-08-14 22:42