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Cryptocurrency News Articles
Solana (SOL) Price Is ‘Getting Ready to Go Again,’ Says Expert, Charts Key Levels to Watch
Sep 27, 2024 at 02:30 am
Solana (SOL) is witnessing a potential turnaround in its market behavior, according to an analysis by analyst Sheldon The Sniper. The crypto has shown signs of breaking out from its descending trendline, igniting interest from traders and analysts.
Solana (CRYPTO: SOL) is showing signs of a potential market reversal, with a recent analysis by Sheldon The Sniper highlighting key levels to watch.
Solana (SOL) might be ‘getting ready to go again,’ charts key levels to watch
Sheldon’s analysis suggests that Solana is breaking out of a descending trendline, which has attracted the attention of traders and analysts.
A tweet by Sheldon reads, “$SOL getting ready to go again,” indicating a bullish outlook for the digital asset.
Technical Analysis: Sheldon’s chart analysis of Solana has identified crucial resistance and support levels that could dictate the coin’s short-term price movements. After breaking a descending trendline, SOL is now seen navigating through a consolidation phase within a boxed range, which is often viewed as a buildup stage before a significant price movement.
The current consolidation at around $152.25, which also serves as an immediate resistance, is a critical point to watch.
$SOL getting ready to go again pic.twitter.com/2xcUYjDmX1
Resistance Levels and Price Targets: Sheldon’s analysis outlines two primary resistance zones. The first, where SOL is currently consolidating, is at $152.25. A successful breach of this level could propel the price toward the next resistance at $190.00, indicating an approximate increase of 29.80%.
Such movements are essential for indicating sustained bullish momentum in the cryptocurrency’s market.
An interesting aspect of Sheldon’s analysis is the recommended stop-loss strategy, denoted by a yellow line on the chart. This proactive measure is aimed at minimizing potential losses if the market dynamics shift unfavorably against the bullish predictions.
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According to data from DefiLlama, the Solana network saw 3.38 million active addresses and 36.77 million transactions over the last 24 hours.
The total value locked in the platform stood at $5.344 billion, reflecting robust engagement and investor interest in the token. This vitality could be setting the stage for the anticipated upward price movements.
This comprehensive view of Solana’s current market dynamics and the analytical insights by Sheldon The Sniper provide a clear potential trajectory. The outlined resistance levels, consolidation patterns, and stop-loss markers serve as critical tools for those looking to capitalize on Solana’s promising marketたちは.
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This article provides potential نقاط الحديث for traders. Benzinga does not provide financial advice. All rights reserved.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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