Solana Likely To Target $200 ‘If It Holds Current Support’ – What To Expect
03 Novembre 2024 - 5:00PM
NEWSBTC
Solana (SOL) is currently trading at a crucial demand level near
$163, following a retrace from local highs around $183. This price
is a critical support area that could determine the direction of
SOL’s upcoming price action. Losing this level could signal a
deeper correction, which would intensify selling pressure and
potentially push SOL to retest lower support levels. However, top
analyst Daan shared a technical analysis suggesting that if SOL can
hold this “green zone” around $160, it could pave the way for a
rebound. Daan notes that in the most optimistic scenario, SOL could
hold this support and start a gradual climb, ultimately aiming to
test the downtrend line that has kept it in check. This setup would
keep SOL’s bullish structure intact, creating a potential entry
point for investors eyeing a bounce. Related Reading: Bitcoin
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To HODL? With the broader crypto market showing volatility and
Solana facing this pivotal level, the next few days will be
crucial. Traders and investors are closely watching to see if this
demand zone can support a reversal, potentially leading SOL back
toward recent highs. Solana Holding Strong Despite Uncertainty
Solana (SOL) has managed to hold above the key support level around
$160, despite the recent market volatility and uncertainty. This
level is crucial for SOL’s price structure, as it’s a strong demand
zone that could act as a foundation for the next upward move.
Crypto analyst Daan recently shared his perspective on X, revealing
that SOL’s “most bullish case” would be for it to hold this “green
zone” around $160, allowing it to gradually grind back up toward
the descending trendline that has capped recent gains. In Daan’s
view, the next attempt at this trendline could likely result in a
successful breakout, with the potential to push SOL’s price above
$200. He suggests that waiting for confirmation of this breakout
could be a sound strategy for cautious investors, as there is still
ample room for upside even after a confirmed reversal. His analysis
highlights a confident outlook on SOL’s potential recovery, seeing
this accumulation zone as a promising buying opportunity. However,
Daan also acknowledges that there’s still a degree of downside
risk. If SOL fails to hold above this $160 level, a deeper
correction could follow, potentially driving SOL to test lower
support levels. Related Reading: Analyst Exposes Ethereum
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now, the market will watch this support level closely as a critical
indicator of SOL’s short-term trend. Holding above it would signal
strength and open the door for a potential rally, while a breakdown
could lead to a more extended bearish phase. As the overall market
sentiment remains mixed, Solana’s next moves will be critical for
traders and investors alike. SOL Price Action Solana is
currently trading at $163 after tagging the 4-hour 200 exponential
moving average (EMA), a critical indicator of short-term strength.
Holding above this EMA signals a bullish outlook for SOL,
suggesting that buyers are stepping in to support the price at this
level. If SOL can maintain momentum above the 200 EMA, it could
build a foundation for a potential rally to new local highs,
possibly challenging the recent peak around $183. However, the $160
level remains a crucial support area. Losing this support would
likely trigger significant selling pressure, potentially driving
SOL down to the $150 range, where further demand may emerge. This
zone would be closely watched by investors looking for potential
accumulation opportunities, as a dip could provide favorable entry
points for long-term holders. Related Reading: Bitcoin Open
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Push The Price? In contrast, a strong push above the current demand
level would confirm renewed bullish momentum, paving the way for
SOL to target and possibly surpass recent highs. As SOL hovers
around this key technical zone, traders will be watching for any
decisive movement that could signal the next direction, whether it
be a continued uptrend or a retracement to lower demand levels.
Featured image from Dall-E, chart from TradingView
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