Solana holders are gearing up for the Breakpoint Conference, scheduled to take place on September 20 and 21 in Singapore. SOL holders are keeping an eye on the event as it brings together developers and communities of web3 projects on the Solana chain.

Solana hovers below $140 ahead of key event

Solana traded at $133.26 at the time of writing. The smart contract network token could extend losses to clear liquidity at the $130 support level.

The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars below the neutral line. SOL could extend losses to the Fair Value Gap (FVG) range between $119.06 and $125.61.

Source: TradingView

If SOL can close the daily candle above the key resistance level of $148, it will invalidate the bearish thesis and could increase to $160 – which coincides with the 50% Fibonacci retracement level of the decline from the March 18 high of $210.18 to the August 5 low of $110.

Analysts expect Solana Breakpoint 2024 to act as a catalyst for the bull run. Similar results are expected as in 2023, even if the memecoin craze on SOL cools down.

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