bullish

Solana

2024

Bag.win

Time

Solana (SOL) refuses to be taken out of the picture as the crypto<a href="https://www.forbes.com/sites/digital-assets/2024/08/03/fbi-issues-serious-crypto-warning-amid-300-billion-bitcoin-ethereum-solana-bnb-and-xrp-price-crash/" target="_blank" rel="noopener nofollow"> market takes a heavy beating. I</a>n fact, the altcoin has appeared on this analyst’s radar, and for good reasons. 
An optimistic analysis by trader WHALES_CRYPTOx brings<a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener nofollow"> Solana</a> back in the spotlight. According to the trader’s observations, SOL is about to see a huge price increase, which has investors and experts talking. However, what does this signify for Solana’s future? 
<h2 id="overcoming-obstacles">Overcoming Obstacles</h2> 
The price movement of Solana in the last several days has been quite erratic. Despite this, the cryptocurrency, according to WHALES_CRYPTOx, has emerged from a <a href="https://publish.twitter.com/?query=https%3A%2F%2Ftwitter.com%2FWHALES_CRYPTOx%2Fstatus%2F1819990526923551036&amp;widget=Tweet" target="_blank" rel="noopener nofollow">bullish pennant formation</a> on the weekly chart, a technical pattern sometimes linked to significant higher rises. 
This breakthrough is especially significant since it comes after Solana successfully broke through the resistance level of $120, which had previously prevented its climb. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/SOL?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#SOL</a>/USDT released the breakout off the bullish pennant on weekly<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Send it<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2708.png" alt="✈" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;">Crypto Traders-join Telegram<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/caOlZBzS3k" rel="nofollow">https://t.co/caOlZBzS3k</a> . <a href="https://t.co/o3ZhmTYc5a" rel="nofollow">pic.twitter.com/o3ZhmTYc5a</a> 
 — Whales_Crypto_Trading <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f40b.png" alt="🐋" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@WHALES_CRYPTOx) <a href="https://twitter.com/WHALES_CRYPTOx/status/1819990526923551036?ref_src=twsrc%5Etfw" rel="nofollow">August 4, 2024</a>
</blockquote> 
The trader highlights that this breakout points to further buying pressure, which might create a new support level near $120. This change is significant since it indicates that the market’s perception of Solana is improving. 
The prognosis also identifies significant Fibonacci retracement levels, and the fact that the price is now above the 0.618 level suggests that there may be further increases ahead. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-633099" src="https://www.newsbtc.com/wp-content/uploads/2024/08/a_d5f4c3.png?resize=1024%2C468" alt="" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/a_d5f4c3.png?resize=1024%2C468?w=1638 1638w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_d5f4c3.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_d5f4c3.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_d5f4c3.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_d5f4c3.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_d5f4c3.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_d5f4c3.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="solana-strength-indicators">Solana: Strength Indicators</h2> 
The 50-week Exponential Moving Average (EMA) has been a reliable source of support for Solana throughout its current consolidation period, which strengthens the bullish thesis. SOL’s sustained presence above this crucial metric supports the idea that the rising trend will continue. 
With his crystal ball seeing the $328.60 level, WHALES_CRYPTOx has his eyes glued on the 1.618 Fibonacci extension. This objective signifies a potential bounce-back from the altcoin’s present trading price of approximately $143.40. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/ifoOqUn6/" alt="" width="2475" height="1163"> 
The analyst, however, warns that short-term volatility may present some challenges, particularly in light of recent trading numbers that show a 5% retreat in price and a 26.32% reduction in trading volume over the previous day. A Mixed Bag Of Opinion On The Market 
The recent decline in trade metrics adds a degree of concern even if the technical indicators show a positive picture. This narrative makes us wonder: Is Solana ready for a real breakthrough, or are we just seeing a passing fad of interest? 
<img loading="lazy" decoding="async" class="wp-image-633100 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/a_f7011c.png?resize=1211%2C423" alt="" width="1211" height="423" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/a_f7011c.png?resize=1211%2C423?w=1211 1211w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_f7011c.png?resize=1211%2C423?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_f7011c.png?resize=1211%2C423?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_f7011c.png?resize=1211%2C423?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_f7011c.png?resize=1211%2C423?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_f7011c.png?resize=1211%2C423?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Bullish indications are strong, but they need to be considered in the context of the actual state of the market since the cryptocurrency market is infamously volatile. 
Meanwhile, with an <a href="https://coincheckup.com/coins/solana/predictions" target="_blank" rel="noopener nofollow">expected price increase</a> of 2.72% over the next three months, Solana could be be affordable for the time being. Still, looking further out, traders should anticipate a solid 81.31% growth rate over the next six months, so things are looking good. The Road Ahead For Solana 
Solana’s potential is growing, but the cryptocurrency industry is divided. Some investors are ready to benefit on the volatile market, while others are hesitant owing to some concerns. Time will define Solana’s destiny and its ability to meet analysts’ high price predictions. 
Featured image from 1ATH.Studio – Medium,&nbsp;chart from TradingView

Solana (SOL) Poised For Major Upswing, Analyst Forecasts $328

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