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After recovering crucial levels, Solana (floor) moved laterally in a key price range, with its next direction to be determined. However, some analysts suggest that an escape could launch a new bullish rally in the coming months.
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Solana moves in the key beach
In the midst of its 15% bihebdomedary recovery, Solana, one of the main altcoins of this cycle, tried to recover a crucial resistance after recovering the support of $ 140 for the first time since the end of February.
Earlier this month, cryptocurrency fell to a hollow of $ 95 in the middle of the market retirements, which saw Bitcoin (BTC) and Ethereum (ETH) retests key horizontal levels.
Since reached its $ 293 Record level (ATH), Sol has retraced up to 63%, trading 50% below its January summit when writing the editorial’s time. However, Solana climbed over certain crucial ranges during the recent recovery in the cryptography market.
In recent weeks, Altcoin has managed to recover the support areas of $ 120 and $ 130, exceeding the resistance of $ 140 seven days ago, where the soil price has been rejected since the loss of the level almost two months ago.
As a market observer pointed out, Solana moved laterally, consolidating $ 145 to $ 145 for $ 157 for last week. The merchant noted that this beach could decide the next floor direction, with a break above the upper limit positioning the Altcoin to retest higher levels.
On the contrary, if it breaks down this price range, the “level of support following less than around $ 136”, which could also risk a drop in support areas from $ 100 to $ 120. However, Ali Martinez recently declared that Solana formed a “cup and a perfect handle pattern on the manual”, which could mark the start of a major rally for soil.
Sol price Prepare a break?
Analyst Alex d’Amcrypto noted that Solana’s short -term decrease in the short -term is over after a recent escape. He identified that Sol had left a seven -day fall corner which formed in its current range, exceeding the higher trend line on Monday.
According to the analyst, “Sol could reach $ 170 at $ 180 in the short term and most likely a new ATH by T-T1 / T4”, depending on its usefulness and request. “He recently exceeded all the other L1 and L2 combined in volume Dex, which shows his immense utility. At the same time, several companies also collect funds to buy soil, which will add more demand,” he explained.
With the price trying to hold the $ 150 mark, Trader Lluciano_BTC considers the current level “a strong catch”. He pointed out that the upward trend of Solana “only begins after having burst out a falling corner formation of several months at the beginning of the month.
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According to the graph, Sol broke out of the model before correction of less than $ 100, testing a key request zone during the next decline. After recovering the $ 120 mark, the Altcoin was in an upward trend, which looks at the resistance of $ 170 like the next target.
When writing these lines, Solana is negotiated at $ 149, an increase of 1.1% of the daily period.
Star image of Unsplash.com, tradingView.com graphic
