Solana’s Path to $175: Analyst Predicts Breakout Amid Market Downturn

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As a seasoned crypto researcher and analyst with a keen interest in identifying emerging trends in the market, I have been closely monitoring the recent dip in cryptocurrency prices, including Solana (SOL). Based on my analysis of SOL’s price chart, I believe that a breakout scenario is on the horizon for this fifth-largest cryptocurrency by market cap.

With profits being taken in the crypto market and various cryptocurrencies experiencing declines, crypto expert and analyst Ali Martinez anticipates a potential breakout for Solana (SOL), currently the fifth largest digital currency by market capitalization.

In this hypothetical situation, Solana could potentially rise to $175, representing approximately a 12% jump from its present market value. However, this upward trend may not be a straightforward process, as Solana would likely need to break through certain significant resistance levels to achieve such a price.

Currently, the price of Solana (SOL) has decreased by 2.02% within the past 24 hours and is now trading at $156, reflecting the overall decline in the cryptocurrency market.

I identified an intriguing trend at the onset of the week in Solana’s pricing data. Based on my analysis, it seemed that Solana was shaping up to form a W pattern. This pattern is indicative of a potential price surge towards $174 for SOL. (July 16, my observation)

Drawing from his previous analysis, Ali highlighted the significance of the $162-$164 zone as a major hurdle for Solana’s price movement. Should Solana surmount this obstacle, its potential next stop could reach $175.

If #Solana surpasses the $162-$164 resistance range, the next target for $SOL is $175! — Ali (@ali_charts) July 18, 2024

In his latest tweet, Ali predicted that if Solana (SOL) manages to break past the resistance levels of $162 to $164, its price could potentially reach a new target of around $175.

Solana price action

As an analyst, I’ve observed that following the significant price drop around mid-April, Solana’s trading activity has remained contained within a relatively wide range. The lower boundary of this range can be found at around $115, while the upper limit is at approximately $188.

Moving beyond the marked price points of $162 and $164, as pointed out by Ali, could potentially trigger a bullish trend, resulting in a climb towards the predicted goal of $175, with significant implications for reaching the resistance limit of the present range at $188.

As an analyst, I’ve noticed an intriguing development in Solana’s price chart. It appears to be forming a “W” pattern, which shares some resemblance to the bullish double bottom pattern. This potential formation could signify that Solana may be gearing up for a bounce-back amidst the current market downturn.

In case of additional drops, Solana’s resistance level for intermediary support is at $148 or the moving average (SMA) 50-day line. Should this level fail, significant support can be expected around $121 and $122.

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2024-07-18 19:12