VanEck's Solana ETF Filing Suggests Strong Future Growth for SOL
#SolanaUSTD promising signs of a potential upward movement.
Support at $120.80: The yellow horizontal line represents a significant support level at $120.80, which $SOL
has tested multiple times since the start of 2024. Holding above this level is crucial for maintaining bullish sentiment.
Descending Channel Break: Recently, SOL has broken out of the descending channel, which typically signals the end of a downtrend and the beginning of a potential reversal.
This breakout is marked by an increase in price and volume, indicating strong buying interest.
Completion of ABC Pattern: The pattern labeled on the chart (with points 1, 2, 3, and 4) resembles an ABC correction, a common Elliott Wave pattern used in technical analysis. The completion of this pattern often precedes a new upward trend.
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