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Is Solana on the Verge of a $160 Breakout? What Experts Predict Next!
In the midst of a fluctuating crypto market, Solana (SOL) is experiencing significant compression between pivotal levels, sparking discussions in the latest solana news. Analysts are eyeing a potential breakout that could pave the way for the token to challenge the $200 mark once again.
Solana’s Strategic Movements Amid Market Uncertainty
After a period of recovery from a recent downtrend, Solana has been actively trying to surpass the critical $160 resistance level, continuing its bullish trajectory. The cryptocurrency has oscillated within the $140-$180 bracket over the last two months, with a temporary dip below its range in late June. A two-month low was reached on June 22, with SOL dropping to $126, although it has since rebounded.
This recovery was bolstered by the launch of a Solana staked crypto Exchange-Traded Fund (ETF) in the US by Rex Shares last week. This news propelled Solana’s price towards the $160 mark, although it faced rejection, settling between $145-$155 recently.
Critical Support Levels to Watch
On a closer note, SOL recently dipped below the $150 mark, finding brief support at $147 before making a slight recovery. Analyst Ali Martinez highlights the importance of the $147.59 level, indicating that a drop below this could lead to further declines towards $141. Similarly, another market observer pointed out that maintaining support around $141.91 is crucial for avoiding potential downturns in the current wave pattern.
Prospects of a $160 Retest and Beyond
Analyst Carl Runefelt from The Moon Show suggests that Solana is on the brink of breaking out from a symmetrical triangle pattern observed on the daily chart. A successful push above the $152-$153 range could lead to a significant price surge towards $167, marking a potential increase of 10.87%.
The Cryptonomist also noted a recent breakout from a multi-day diagonal resistance, with subsequent confirmations of support levels around $147. This positions Solana for an anticipated continuation of its upward movement, targeting a retest of the weekly high near $160.
Meanwhile, despite some volatility in April, Solana remains within a broader trading range of $125-$180, currently positioned around the midpoint. Observers suggest that a breakout in Bitcoin’s price could be the catalyst Solana needs to breach the $160 level and aim for $200, potentially setting new all-time highs.
As of the latest updates, Solana is trading at $151.51, marking a 3.6% increase over the week. This positions the cryptocurrency at a pivotal juncture, with market sentiment leaning towards a bullish outlook in the short to medium term.
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