Solana (SOL) is showing signs of a significant move as it hovers within a tight consolidation range. Prominent analyst Edward has identified potential breakout targets that could set the next major trend for this crypto powerhouse. Let’s dive into the factors influencing Solana’s price and what traders need to watch out for!

📊 Consolidation Phase and EMA Indicators

SOL is trading in a narrow range between $143.33 and $144.70, without a decisive move in either direction.

Edward notes that SOL's price is currently below both the 34-period and 89-period Exponential Moving Averages (EMAs), indicating slight bearish momentum.

Key levels to watch:

Bullish breakout: Above $144.70 could push SOL towards the next resistance at $150.54.

Bearish move: Below $143.33 might trigger a pullback to $137.25, creating a critical support level.

🔍 Analyst's Predictions and Potential Scenarios

Edward has outlined two possible scenarios depending on how SOL reacts at these levels:

📈 Bullish Scenario: Breaking above $144.70 may lead to a significant upward trend towards $150.54.

📉 Bearish Scenario: A dip below $143.33 could result in a downward movement, targeting support at $137.25.

🌐 Solana’s Potential Catalysts: Market Events & Political Developments

Broader market events could also play a significant role in Solana's price action.

Market analyst Geoff Kendrick from Standard Chartered predicts that Solana could surge by up to 500% if Donald Trump wins the 2024 U.S. presidential election.

Why? A favorable regulatory environment under a Trump administration could boost crypto assets, with the potential approval of a Solana spot ETF acting as a major catalyst.