Solana (SOL) is witnessing a potential turnaround in its market behavior, according to an analysis by analyst Sheldon The Sniper. The crypto has shown signs of breaking out from its descending trendline, igniting interest from traders and analysts.
A tweet from top market analyst Sheldon highlights the sentiment, stating, “$SOL getting ready to go again,” suggesting a bullish forecast for the digital asset.
What you'll learn 👉
Technical Analysis Highlights
Sheldon’s chart analysis of Solana has identified key levels of resistance and support that could dictate the coin’s short-term price movements. After breaking a descending trendline, SOL is now navigating through a consolidation phase within a boxed range, often seen as a buildup phase before a substantial price movement.
The current consolidation at around $152.25, which doubles as an immediate resistance, poses a critical point to watch.
Resistance Levels and Price Targets
The analysis by Sheldon outlines two primary resistance zones. The first, where SOL is currently consolidating, is at $152.25. A successful breach of this level could propel the price towards the next resistance at $190.00, marking an approximate increase of 29.80%.
Such movements are crucial for indicating sustained bullish momentum in the cryptocurrency’s market. An essential aspect of Sheldon’s analysis includes the recommended stop-loss strategy, pinpointed by a yellow line on the chart.
This proactive measure is aimed at mitigating potential losses should the market dynamics shift unfavorably against the bullish predictions.
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Market Activity and Investor Interest
Additional data from DefiLlama highlights substantial activity in the Solana network, with 3.38 million active addresses and 36.77 million transactions over the last 24 hours.
The total value locked in the platform stands at $5.344 billion, reflecting robust engagement and investor confidence in the token. This vibrancy could be laying the groundwork for the anticipated upward price movements.
This comprehensive view of Solana’s current market dynamics and the analytical insights by Sheldon The Sniper provide a clear potential trajectory. The outlined resistance levels, consolidation patterns, and stop-loss markers serve as critical tools for those looking to capitalize on Solana’s promising market trajectory.
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