bullish

Solana

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-predict-solanas-price-movements/" data-wpel-link="internal">Analysts Predict Solana’s Price Movements</a> 
At the end of 2022 and the beginning of 2023, there were comments suggesting Solana was finished. The Solana network and its native token SOL rebounded and surpassed $200 within a year. This process pleased <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>, but the subsequent pullback was interpreted as a parallel process to the decline in Bitcoin. Despite this, some analysts remain optimistic about SOL’s rise. 
<h2 style="text-align: justify" id="analyst-s-solana-comment">Analyst’s Solana Comment</h2> 
Solana (SOL) and the general <a href="https://en.coin-turk.com/billion-dollar-lawsuit-shock-from-ftx-exchanges-new-management-to-the-former-administration/" data-wpel-link="internal">crypto market</a> experienced a noticeable capital outflow, but one of the leading market analysts expressed a bullish outlook. Ali Martinez shared in his August 1st X post that a bullish formation had appeared on Solana’s four-hour chart. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-376642" src="https://coin-turk.com/wp-content/uploads/2024/08/solana-2-coin-turk-com.png" alt="" width="451" height="389"> 
Martinez highlighted the 61.8% Fibonacci retracement level that SOL recently visited. This level, located at $161.92, marks a critical support level and is important for price increases. 
On the other hand, the Relative Strength Index (RSI) on the four-hour chart indicated oversold conditions, contributing to the view that Solana might be ready for a recovery. The RSI, formed due to overselling, generally reflects that the selling pressure may decrease and a price reversal could occur. 
<h2 style="text-align: justify" id="solana-s-key-levels">Solana’s Key Levels</h2> 
Martinez reiterated the current 61.8% Fibonacci level in his analysis, suggesting it as a potential buying zone for SOL. Additionally, the analyst identified the region between $200 and $259 as a profit-taking target for SOL. This level aligns with the upper boundary of the rising megaphone formation and the 1.272 and 1.414 Fibonacci extension levels. Ali Martinez had previously set a price target of $1,000 for SOL. 
Another analyst, CryptoPoseidonn, suggested that Solana might experience more selling in the coming days. In his analysis, investors might expect a drop to the $150 level. The analyst noted that this region could be examined as a new buying opportunity and set a price target of $500. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-376641" src="https://coin-turk.com/wp-content/uploads/2024/08/solana-1-coin-turk-com.png" alt="" width="448" height="282"> 
At the time of writing, SOL’s price had dropped by 3.35% to $156, indicating it was below the support level mentioned by Martinez, but it had not yet reached the level mentioned by CryptoPoseidonn. 
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Analysts Predict Solana’s Price Movements

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