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Solana Ready For $200: Solana Price Analysis
Solana (SOL) has experienced notable movements in October, showing both bullish and corrective trends.
Pullback in Uptrend. Price remains in an Uptrend but has pulled back, which could present a ‘buying dip’ opportunity. Traders should look for the nearest support level where price could stabilize and resume its Uptrend. This support level could be a level where price bounced off of in the past, or a level that was previously resistance.
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SOLANA Crypto Next Target- Latest Price: $166.64
- Market Cap: Approximately $68 billion
- 24-Hour Trading Volume: Around $3.7 billion
- Circulating Supply: Roughly 408 million SOL
- Total Supply: Around 550 million SOL
Img src- Altfins
Bullish breakout from Ascending Triangle, above the triangle resistance of $160, could see the price revisit $190 for +20% upside potential. Price appears to have successfully retested that breakout. Stop Loss at $147.
Buy Now Weekly Price AnalysisSOL’s price has seen an increase of around 8.95% over the past week, beginning at $152 and rising to $166. The asset hit a recent high of $171, supported by an 114% boost in trading volume.
This rally has been fueled by technical support levels holding firm around $159, giving investors confidence.
Trend: Short-term trend is Neutral, Medium-term trend is Strong Up, Long-term trend is Strong Up.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $120.00, then $100.00. Nearest Resistance Zone is $190.00.
Technical Indicators- Moving Averages: The 9-day moving average has moved above the 21-day average.
- Relative Strength Index (RSI): Currently near 69.45, SOL is edging toward the overbought territory.
- MACD (Moving Average Convergence Divergence): Positioned positively, the MACD line remains above the signal line.
- Support Levels: $153, $159
- Resistance Levels: $171, $176, with possible testing around $185 if upward momentum continues
Market sentiment around Solana has generally been positive due to several factors. Reports of a bullish cup and handle pattern on its chart suggest a potential rally.
Additionally, despite some whale movements — including a recent sale of 22,726 SOL at a peak price — the general trend remains intact.
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