Crypto analyst Javon Marks has identified a hidden bullish divergence in Solana’s (SOL) price chart, suggesting a possible surge to $233.8. This projection represents around a 4% increase from current levels.
Moreover, Marks’ analysis, shared on X, indicates that SOL’s recent sideways movement may be setting the stage for its next major upward wave.
SOL’s Price Action Signals Strength
Solana’s performance in recent weeks has been noticeable. Marks’ chart analysis reveals an overall uptrend for SOL, with rising peaks and troughs indicating sustained bullish momentum.
As $SOL (Solana) continues to hold its recently confirmed Hidden Bullish Divergence, prices can still be in preparation here for its next major wave up which could lead to the 'long-standing' target @ $233.8 and even higher!With prices looking to already be in a massive run to… https://t.co/JPfJmNSNur pic.twitter.com/vYfSBc310o
— JAVON MARKS (@JavonTM1) August 7, 2024
The current price consolidation phase follows an uptick, aligning with what Marks describes as a “massive run” towards the projected target. Marks points out a hidden bullish divergence in SOL’s chart.
This technical pattern occurs when prices form higher lows while indicators, such as the Relative Strength Index, show lower lows. The divergence suggests that despite recent pullbacks, the underlying bullish sentiment remains strong.
SOL Price Prediction
Two key resistance levels feature prominently in Marks’ analysis. The first, at approximately $233.8, serves as the immediate target for SOL’s potential breakout.
Beyond this, Marks suggests that if the bullish momentum continues, prices could push even higher, potentially reaching the $450 mark.
According to Marks, SOL’s price action indicates an imminent breakout to and above the $233.8 level. He notes that the recent sideways movement, combined with the observed divergence, may provide additional strength for this upward move.
This consolidation phase could be the springboard for SOL’s next price advance.
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Potential for Extended Rally
Should SOL successfully breach the $233.8 resistance, Marks believes the crypto could target much higher valuations. The analyst suggests that $450 or beyond could be within reach if current market conditions persist and bullish sentiment remains strong.
Several elements contribute to Marks’ optimistic outlook for SOL. The confirmed hidden bullish divergence, coupled with the crypto’s ability to maintain its uptrend despite recent consolidation, provides a solid foundation for potential price appreciation.
Additionally, the strength of the overall crypto market may offer further support for SOL’s bullish case.
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The post Solana’s Pattern Signals Imminent Breakout: Analyst Predicts SOL’s 54% Price Rally to $233.8 appeared first on CaptainAltcoin.
