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Home»TRADING NEWS»Solana (SOL) Path to New Highs: Analysts See $160 as a Critical Break Point.
TRADING NEWS

Solana (SOL) Path to New Highs: Analysts See $160 as a Critical Break Point.

By Crypto FlexsOctober 6, 20243 Mins Read
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Solana (SOL) Path to New Highs: Analysts See 0 as a Critical Break Point.
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Solana is testing a critical level after weeks of volatile price movements and market uncertainty. Solana surged 26% following the Fed’s interest rate cut announcement, but quickly recovered 17%, reflecting continued turmoil in the broader cryptocurrency market. These roller coaster price movements have left many investors anxious as they wait for the next clear signal.

Amid this uncertainty, top analysts are closely monitoring Solana’s next move, with one analyst in particular pointing to the $160 level as a decisive level that could determine direction. A break above this level could reignite the bullish momentum, but otherwise, further downside pressure could occur.

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The next few days will be critical for Solana as investors assess the trajectory of the market and prepare for potential volatility. With SOL at a critical point, both bulls and bears are watching closely to see if the price can break through key resistance levels or succumb to further corrections.

Solana Tests Liquidity Below $160

Solana has experienced significant ups and downs over the past few weeks, and investors have become uncertain after the recent decline. Many were expecting further upside before the retracement, which has now raised alarms in the market. With Solana trading in this volatile environment, the focus has shifted to key technical levels that could determine the next big move.

Top cryptocurrency analyst Daan shared his insights on X, pointing out that Solana formed three almost identical highs at the $160 level. He also highlights that SOL is consistently making higher lows, which is a sign that potential bullish momentum is building.

Solana $160 key level to determine weekly price action. Solana $160 key level to determine weekly price action.

According to Daan, this gradual upward trend suggests that Solana may eventually break the $160 resistance level, which would be a pivotal moment for the cryptocurrency.

The reaction to $160 will be important. If Solana breaks above this level, it could signal a rise to new highs and rekindle bullish sentiment in the market. However, if the price fails to maintain momentum, Solana could continue its sideways movement, maintaining a range between $120 and $160. Investors are watching these levels closely, as Solana’s next direction could define its performance for the rest of the year.

Price Action: Supply Levels to Break Through

Solana (SOL) is currently trading at $143 after experiencing choppy price fluctuations for several days. The market has been volatile and SOL is currently testing the important 4-hour 200 exponential moving average (EMA) at $144.55. This level acts as a key resistance point, and a break above it could signal Solana’s continued strength.

SOL testing 4H 200 EMA.SOL testing 4H 200 EMA.

If SOL breaks and holds above the 4-hour 200 EMA, the bulls’ next target would be the $160 level. A move above $160 could reignite positive sentiment and potentially set the stage for further upside. However, if SOL fails to break the $144.55 resistance, demand is expected to revert to lower demand areas.

A rejection of the 4-hour 200 EMA could push Solana down towards the $127 support level, with traders and investors closely monitoring for signs of strength or further downside risk. Price action over the next few days will be critical in determining whether SOL can resume its bullish trajectory or if a deeper retracement is imminent.

Featured image by Dall-E, chart by TradingView

Source: NewsBTC.com

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