$SOL
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Solana News: Potential Rally to $164 as Market Recovery Signals Strength
Solana (SOL) has showcased a robust recovery from its recent market downturn, bouncing back from a low point and breaking out from a bullish triangle formation. This movement has sparked discussions among investors about the potential for Solana to revisit its early-year highs. In the latest solana news, the cryptocurrency saw a 2.45% increase over the week, rebounding from a dip to the $140 zone.
Breakout and Price Targets
After a challenging period that saw SOL drop to a 14-month low of $95 in early April, the digital asset has made significant strides. This past week, it not only recovered but also began forming an ascending triangle pattern, indicating bullish momentum. Crypto analyst Ali Martinez pointed out this pattern, hinting at a possible 6% rise to the $160 support level previously lost during market corrections.
Subsequently, Solana broke out of the triangle on Monday, reclaiming the $155 level. This breakout, if retested and confirmed, could push SOL’s price towards $164, a mark unseen in the last two weeks. Further insights from analyst CW suggest that if Solana can breach the $160 resistance, it might rapidly climb towards $180.
Challenges and Support Levels
While the potential for growth exists, SOL must maintain current levels to avoid a fallback. Failure to do so could see prices dropping towards the $142 or even $135 support levels, which last acted as crucial buying points.
Market Outlook and Higher Aspirations
Market observer Jeremy has noted that Solana is finally breaking free from a lengthy downtrend consolidation, which began in late May. This breakout, if sustained, could set the stage for further ascents, potentially reaching as high as $300 if external market pressures like geopolitical tensions do not weigh heavily on market sentiment.
Furthermore, another trader, Coinvo, has identified a bullish megaphone pattern which suggests that SOL’s bottom may have been reached in April. This pattern could lead to a surge towards all-time high levels in its next upward trajectory.
As of now, Solana is trading at $156, marking a 1.88% increase on the day. For more detailed updates and expert analyses, visit our dedicated [solana news section](https://www.financier.news/).
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