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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Solana (SOL) Poised For Major Upswing, Analyst Forecasts $328

Christian Encila
Christian Encila
1 year ago
3 mins read
Solana

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Solana (SOL) refuses to be taken out of the picture as the crypto market takes a heavy beating. In fact, the altcoin has appeared on this analyst’s radar, and for good reasons.

An optimistic analysis by trader WHALES_CRYPTOx brings Solana back in the spotlight. According to the trader’s observations, SOL is about to see a huge price increase, which has investors and experts talking. However, what does this signify for Solana’s future?

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Overcoming Obstacles

The price movement of Solana in the last several days has been quite erratic. Despite this, the cryptocurrency, according to WHALES_CRYPTOx, has emerged from a bullish pennant formation on the weekly chart, a technical pattern sometimes linked to significant higher rises.

This breakthrough is especially significant since it comes after Solana successfully broke through the resistance level of $120, which had previously prevented its climb.

💰 #SOL/USDT released the breakout off the bullish pennant on weekly🔥

Send it✈️

👇Crypto Traders-join Telegram👇 https://t.co/caOlZBzS3k
. pic.twitter.com/o3ZhmTYc5a

— Whales_Crypto_Trading 🐋 (@WHALES_CRYPTOx) August 4, 2024

The trader highlights that this breakout points to further buying pressure, which might create a new support level near $120. This change is significant since it indicates that the market’s perception of Solana is improving.

The prognosis also identifies significant Fibonacci retracement levels, and the fact that the price is now above the 0.618 level suggests that there may be further increases ahead.

Solana: Strength Indicators

The 50-week Exponential Moving Average (EMA) has been a reliable source of support for Solana throughout its current consolidation period, which strengthens the bullish thesis. SOL’s sustained presence above this crucial metric supports the idea that the rising trend will continue.

With his crystal ball seeing the $328.60 level, WHALES_CRYPTOx has his eyes glued on the 1.618 Fibonacci extension. This objective signifies a potential bounce-back from the altcoin’s present trading price of approximately $143.40.

SOL market cap currently at $54.4 billion. Chart: TradingView.com

The analyst, however, warns that short-term volatility may present some challenges, particularly in light of recent trading numbers that show a 5% retreat in price and a 26.32% reduction in trading volume over the previous day.

A Mixed Bag Of Opinion On The Market

The recent decline in trade metrics adds a degree of concern even if the technical indicators show a positive picture. This narrative makes us wonder: Is Solana ready for a real breakthrough, or are we just seeing a passing fad of interest?

Source: CoinCheckup

Bullish indications are strong, but they need to be considered in the context of the actual state of the market since the cryptocurrency market is infamously volatile.

Meanwhile, with an expected price increase of 2.72% over the next three months, Solana could be be affordable for the time being. Still, looking further out, traders should anticipate a solid 81.31% growth rate over the next six months, so things are looking good.

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The Road Ahead For Solana

Solana’s potential is growing, but the cryptocurrency industry is divided. Some investors are ready to benefit on the volatile market, while others are hesitant owing to some concerns. Time will define Solana’s destiny and its ability to meet analysts’ high price predictions.

Featured image from 1ATH.Studio – Medium, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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