Future

Solana

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-price-predictions-and-market-recovery/" data-wpel-link="internal">Solana’s Price Predictions and Market Recovery</a><br></p>
<p style="text-align: justify">Last year, cryptocurrencies, including Solana (SOL), showcased impressive price performances, leading many to consider it a major architect of the market’s recovery. After surpassing $100, SOL’s price is challenging the $120 level again, leaving investors wondering whether it will drop to $90 or rise to $125 in February.</p> 
<h2 style="text-align: justify" id="the-future-of-solana-sol">The Future of Solana (SOL)</h2> 
<p style="text-align: justify">While the general market continues to experience volatile price movements, Solana’s price has maintained strong resistance above the $106 level, earning investor admiration.</p> 
<p style="text-align: justify">The formation of a morning star candlestick pattern at this horizontal level indicates the presence of sufficient demand pressure for the price to continue its recovery trend. However, if <a href="https://en.coin-turk.com/bitcoin-struggles-to-hold-above-27000-a-potential-breakout-in-august/" data-wpel-link="internal">Bitcoin</a>‘s price undergoes a correction from $52,000, it remains to be seen whether SOL can maintain this price level.</p> 
<p style="text-align: justify">Upon examining Solana’s daily chart, it’s clear that the altcoin has experienced a swift recovery following the latest correction, with buyers fully regaining control at the $79 support level.</p> 
<p style="text-align: justify">The V-shaped formation on the charts could be interpreted as a sign of aggressive price movement, during which SOL’s price saw a 42% increase within a month.</p> 
<p style="text-align: justify">Looking at the recent recovery, buyers have managed to reclaim 50% of the losses from the last decline due to their strong pressure.</p> 
<p style="text-align: justify">On February 17th, SOL’s price showed a recovery from the support trend line and the region indicating the slope of the 20-day EMA, marked by a morning star candlestick formation.</p> 
<p style="text-align: justify">If the momentum from the recovery continues, a 13% price increase is possible with buyer pressure, potentially reaching the $125 neckline resistance of the cup-and-handle formation.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-316879" src="https://coin-turk.com/wp-content/uploads/2024/02/solana-125-coin-turk-com.jpg" alt="" width="733" height="326"></p> 
<h2 style="text-align: justify" id="patterns-indicate-a-recovery">Patterns Indicate a Recovery</h2> 
<p style="text-align: justify">As seen in the charts, the current rise in SOL’s price suggests the formation of the handle part of a cup and handle pattern. This retracement could be the last correction SOL faces before buyers initiate a significant upward price movement.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-316880" src="https://coin-turk.com/wp-content/uploads/2024/02/solana-fincan-coin-turk-com.jpg" alt="" width="728" height="342"></p> 
<p style="text-align: justify">A breakthrough to $125 on the resistance trend line seen in the charts could accelerate the price recovery. If investor enthusiasm continues, the price could aim for a potential $250 target. Conversely, a decline from the lower support trend line could push SOL’s price below the $90 level.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/solanas-price-predictions-and-market-recovery/" data-wpel-link="internal">Solana’s Price Predictions and Market Recovery</a></h5>

Solana’s Price Predictions and Market Recovery

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