🪙Three Altcoins Poised..................
............. to Recover Their Losses🪙
PART TWO
2️⃣ Solana
Since March, Solana has shown bearish momentum, consistently forming lower highs. It has established support around $128.
In early July, Solana found support at the $128 zone and began testing the upper line of the triangle pattern that has formed over the past five months. Despite testing the downtrend line three times before, Solana has not broken through it. In the short term, we will continue to monitor this triangle pattern.
This week, Solana stalled at the downtrend line, which corresponds to the $155-$160 range. To achieve a confirmed breakout, Solana needs to close above $160 on a daily basis.
To maintain the upward trend, Solana must break the lower high formation and reach the $180 area, above the 0.618 Fibonacci level, after establishing a base at $160.
If Solana manages to reach the $180 level, the likelihood of further bullish expansion increases. Fibonacci extension levels suggest that Solana could then rise to the $230-$260 range.
However, if Solana fails to overcome resistance at $180, it may retest the downtrend. Additionally, if sellers remain active at $160, Solana may continue to move within the triangle pattern, potentially leading to a retest of the support zone below $130.
