Can Solana Regain Bullish Momentum?
Solana has been struggling to return to bullish levels after reaching a high of $208 in March and experiencing a 30% correction in the past six weeks. However, indicators are now flashing bullish, suggesting that Solana may be gearing up for a comeback.
Let’s delve into the factors that could potentially drive Solana back to its previous heights:
- The parabolic price rise from October 2023 to April 2024.
- The correction triggered by the overheated market due to the surge in popularity of Solana meme coins and general market greed.
- The dip to $120 on May 1 seen as a final major correction in the current market cycle.
Finding Support and Ready to Surge
Following the dip to $120, Solana’s price has stabilized around $140, with analysts predicting a rally to a new all-time high of $320. Analysts like Inmortal, Maximilian FX, and Orson Fawley are all optimistic about Solana’s future price action.
Key price levels to monitor for Solana’s next move include:
- The $158 resistance level.
- The $160 breakout point signaling the end of the correction.
- Resistance levels at $175 and $185 on the path toward $200.
- The $140 minor support level and the risk of a deeper correction below $120.
Awaiting Solana’s Next Move
As the crypto market sentiment remains neutral, the stage is set for Solana’s potential recovery. Keep an eye on these crucial price levels as Solana navigates its way back to bullish territory.
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