Solana price is about to break through $300! Huge opportunity for market rebound
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The price of Solana (SOL) is showing a breakout and retest pattern, indicating a possible significant rebound in the coming weeks, targeting up to $300. Currently, the trading price of SOL is $191, down 27% from the yearly high of $264. However, the weekly chart shows that SOL is likely to experience a strong recovery in the coming days.
Technical Analysis: Breakout pattern triggers rebound signals
Symmetrical triangle pattern: SOL formed a symmetrical triangle pattern from March to November this year, indicating that the market is building momentum. After the breakout, the price soared to $264 and has since retraced.
Breakout and retest: After reaching its historical high, SOL has significantly retraced and is in the process of retesting key support levels, which is typically a signal for trend recovery.
Cup and handle pattern (C&H): The recent plunge may be part of the C&H pattern, which usually indicates a price rebound, with a target price of $265, potentially rising further to $300 after the breakout. If it falls below $160, the bearish trend may intensify.
Strong fundamentals support rebound
DEX trading volume: Solana has processed a total token value of over $126 billion in the past 30 days, far exceeding Ethereum's $94 billion, demonstrating a strong market position.
NFT sales growth: Solana's NFT sales grew by 44%, reaching $3.3 million, making it the third-largest blockchain after Ethereum and Bitcoin.
These factors provide strong support for Solana, indicating a price rebound in the future.
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