Solana trading in tight range between $130 and $140
Technical analysis suggests potential breakout, with targets at $150.54 or $136.
Market sentiment and political factors could influence SOL’s future price action.
Solana (SOL) finds itself at a critical juncture as it navigates a tight consolidation range, prompting market analyst Edward to anticipate a sudden movement.
The cryptocurrency’s price has been oscillating between $143.33 and $144.70, creating a defined trading range that has caught the attention of traders and investors alike.
Edward’s TradingView analysis highlights SOL’s current hesitation, with prices consistently testing both support and resistance levels. This consolidation pattern has set the stage for a potential breakout, which could determine Solana’s next significant trend.
Solana price plunges to $136
Two primary scenarios emerge from this technical setup. A bullish breakout above $144.70 could propel SOL towards the next resistance level at $150.54. Conversely, a bearish move below $143.33 might trigger a pullback to $137.25, establishing a crucial support level for traders to monitor.
Beyond technical factors, broader market events and political developments could significantly influence Solana’s price trajectory. Market analyst Geoff Kendrick from Standard Chartered has made a bold prediction, suggesting that SOL could surge by up to 500% if Donald Trump wins the 2024 U.S. presidential election.
This projection is based on expectations of a more favorable regulatory environment for cryptocurrencies under a Trump administration.
Adding another layer of complexity to Solana’s market dynamics is the current bearish sentiment observed across the cryptocurrency landscape. Data from Santiment reveals that SOL, along with other top digital assets, has been subject to negative crowd narratives.
The price of Solana has now plunged alongside the overall bearish market condition.
