Solana breaks out of key chart pattern, poised for a sharp rise to new highs?
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Recent price fluctuations have left many investors speculating on Solana’s future performance. Although SOL’s price has fallen over the past few days, signs of market recovery and breakout signals from technical analysis have some analysts optimistic about Solana’s future, believing that it may be entering the next phase of its bull cycle.
Technical Analysis: Solana Breaks Out of Key Downward Channel
According to technical analysis from Rose Premium Signals, Solana recently broke out of a downward channel, a breakout that could mean that market sentiment is shifting. The technical analysis platform notes that SOL has broken out of a key downtrend pattern, signaling a possible bullish reversal and rally. In particular, SOL’s performance on the 1-day timeframe shows that its price has begun to break out of its recent downtrend.
SOL’s breakout suggests that the market may be resuming a healthy uptrend, and investors are becoming more bullish on Solana. If this momentum is maintained, Solana is expected to break through the previous high and may usher in a new all-time high price, becoming one of the strongest performing assets in the current market cycle.
Support level and rebound target
From a technical perspective, SOL's breakthrough lays the foundation for its future rise. The platform also pointed out that the price of SOL is approaching the 0.618 Fibonacci retracement level of $197, and the support range of $181.75 to $179.66 is crucial. If this support area can be consolidated, Solana's price may continue to rebound. The short-term target is to reach $254, while the medium-term target is $302, and it may eventually challenge $345.
This technical signal shows that the current adjustment phase may provide investors with a good buying opportunity, especially if market sentiment gradually recovers. Technical analysts believe that if SOL maintains the current upward trend, it is expected to usher in stronger growth in the coming months.
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