Solana (SOL) could see a bullish breakout, according to an analysis shared by crypto analyst Stockmoney Lizards. The analyst’s chart suggests that the token may surpass $600, projecting a steady climb if certain conditions align.
Moreover, the analysis outlines key price levels and a potential breakout pattern, while Stockmoney Lizards’ tweet emphasizes an anticipated bullish move following a fake-out and retest.
The analysis highlights a descending trendline that has acted as a resistance for Solana, situated between $160 and $170. This trendline has been a point of rejection for the token multiple times, making a breakout above it crucial for continued upward momentum.
According to the chart, if SOL manages to clear this resistance, it could set the stage for further gains. Support is noted at $108.92, which aligns with a previous consolidation zone.
Besides, this level is seen as critical to maintaining bullish momentum, acting as a safety net if the token experiences a retracement. A breakdown below this point could indicate further declines.
Bullish Projections with Fibonacci Extensions
Stockmoney Lizards’ analysis provides two bullish targets using Fibonacci extensions. The first target is set at $420.70, corresponding to the 1.618 extension, which could be achievable after breaking past the descending resistance.
The analysis also projects a more ambitious target of $613.39, marked by the 2.618 extension. This level is identified as the ultimate bullish goal, contingent on sustained buying pressure and the continuation of upward momentum.
The tweet accompanying the chart hints at confidence in a bullish breakout, describing a scenario of a fake-out above resistance, followed by a retest before a substantial rally. The term “Valhalla” is used to imply a strong, extended bullish trend, aiming for the projected Fibonacci levels.
Trend Analysis Suggests Imminent Breakout
The chart outlines a series of higher lows, suggesting a buildup of bullish momentum despite ongoing resistance. This tightening range hints at a possible breakout, as Solana continues to consolidate near the descending trendline.
Such a pattern often precedes a decisive move, where a successful breakout would pave the way for the anticipated price rally. Volume analysis will play a key role. Why? High volume during the breakout would validate the move, supporting the bullish outlook presented by the analyst.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Stellar (XLM) Price Set to Explode? Key Breakout Signals Huge Gains!
Anticipated Price Movements
Stockmoney Lizards’ analysis predicts an initial fake-out above the descending trendline, leading to a retest where the trendline switches from resistance to support. If this pattern unfolds, it could establish a foundation for a prolonged upward trend.
Solana’s technical setup points to a potential breakout scenario, with critical support and resistance levels dictating the token’s price movement. The analysis provided by Stockmoney Lizards suggests a bullish outlook, targeting $420 and $613 as key price milestones if the token manages to sustain its momentum after clearing the immediate resistance.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
