Solana (SOL) Price Prediction: SOL Signals Imminent Breakout, Analyst Predicts 54% Price Rally to $233.8
- 王林Original
- 2024-08-08 18:50:20524browse
Crypto analyst Javon Marks has identified a hidden bullish divergence in Solana's (SOL) price chart, suggesting a possible surge to $233.8.
Solana’s (SOL) price has been closely watched by traders and investors alike, and recently, crypto analyst Javon Marks identified a hidden bullish divergence in SOL’s price chart. This divergence suggests that despite recent pullbacks, the underlying bullish sentiment for SOL remains strong.
Marks shared his analysis on TradingView, highlighting an uptrend in SOL’s price with rising peaks and troughs. This uptrend is further supported by a recent period of sideways movement, which could be setting the stage for SOL’s next major upward wave.
According to Marks, SOL’s price action is indicating an imminent breakout to and above the $233.8 level. He adds that this consolidation phase may be providing additional strength for this upward move.
solana price predictionSOL’s recent performance has seen it add to its value, with an uptrend marked by rising peaks and troughs. Moreover, as SOL consolidates, an interesting development to watch is its hidden bullish divergence, which could be preparing prices for their next major wave up.
From the recent lower highs and higher lows in the indicator to the recent lower lows and higher highs in price, a hidden bullish divergence has been confirmed on lower timeframes for $SOL (Solana).
Two key resistance levels are highlighted in Marks’ analysis. The first resistance is seen at around $233.8, which could serve as the immediate target for SOL’s potential breakout.
Beyond the first resistance level, Marks suggests that if the bullish momentum continues, prices could push even higher, potentially reaching the $450 mark.
“As $SOL (Solana) continues to hold its recently confirmed Hidden Bullish Divergence, prices can still be in preparation here for its next major wave up which could lead to the ‘long-standing’ target @ $233.8 and even higher!” wrote Marks in his analysis.
This analysis is based on two types of market structure: ranging and trending. Ranging markets are characterized by periods of consolidation within a defined price channel, while trending markets exhibit a series of consecutive higher highs and lower lows.
Solana’s price action over the past few months has demonstrated a trending market structure, with the recent consolidation phase following an uptick, aligning with what Marks describes as a “massive run” towards the projected target.
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