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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Solana (SOL) Path To New Highs: Analyst Eyes $160 As Critical Breakpoint

Sebastian Villafuerte
Sebastian Villafuerte
8 months ago
3 mins read
Solana Analyst Sees $160 As A Turning Point – A Break Above It Could Lead to New Highs

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Solana is testing a crucial level after weeks of volatile price action and market uncertainty. Following the Federal Reserve’s interest rate cut announcement, Solana surged 26% but quickly retraced 17%, reflecting the ongoing turbulence in the broader crypto market. This rollercoaster price movement has left many investors on edge as they wait for the next clear signal.

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Amidst this uncertainty, top analysts are closely monitoring Solana’s next move, with one in particular pointing to the $160 mark as the decisive level that could determine its direction. A breakout above this level could reignite bullish momentum, while failure to do so may lead to further downside pressure.

The coming days will be critical for Solana as investors assess the market’s trajectory and brace for potential volatility. With SOL standing at a pivotal point, both bulls and bears are watching closely to see whether the price can break through key resistance or succumb to further correction.

Solana Testing Liquidity Below $160

Solana has experienced significant ups and downs over the past couple of weeks, leaving investors uncertain after the latest dip. Many were anticipating further gains before the retrace, which has now sparked caution in the market. With Solana trading in this volatile environment, the focus has shifted to key technical levels that could determine the next big move.

Top crypto analyst Daan has shared his insights on X, noting that Solana has formed three nearly equal highs around the $160 level. He also highlights that SOL is consistently making higher lows, a sign of potential bullish momentum building up.

Solana $160 key level to determine weekly price action.
Solana $160 key level to determine weekly price action. | Source: Daan on X

According to Daan, this gradual upward drift suggests that Solana could eventually break through the $160 resistance level, which would be a pivotal moment for the cryptocurrency.

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The reaction at $160 will be crucial. If Solana manages to break above this level, it could signal a push to new highs and reignite bullish sentiment in the market. However, if the price fails to maintain momentum, Solana might remain range-bound between $120 and $160, continuing its sideways movement. Investors are closely watching these levels as Solana’s next direction could define its performance for the rest of the year.

Price Action: Supply Levels To Break

Solana (SOL) is currently trading at $143 after experiencing a few days of choppy price action. The market has been volatile, and SOL is now testing the critical 4-hour 200 exponential moving average (EMA) at $144.55. This level serves as a key resistance point, and a breakout above it could signal a bullish continuation for Solana.

SOL testing the 4H 200 EMA.
SOL is testing the 4H 200 EMA. | Source: SOLUSDT chart on TradingView

If SOL manages to break and hold above the 4-hour 200 EMA, the next target for bulls would likely be the $160 level. A move above $160 could reignite positive sentiment, potentially setting the stage for further gains. However, if SOL fails to break above the $144.55 resistance, a retrace to lower demand zones is expected.

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In the event of rejection at the 4-hour 200 EMA, Solana could dip to the $127 support level, where traders and investors will closely monitor for signs of strength or further downside risk. The price action over the next few days will be crucial in determining whether SOL can resume its bullish trajectory or if a deeper retracement is on the horizon.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

Read more

To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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