Analysts Think Solana Could ‘Go Nuts’ As SOL Price Retests $160 Resistance

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However, the "jury is out on the scope of the decline.” Dixon stated that SOL’s price targets will depend on whether "the price action from the low is in the form ABC Or 123.” But "either way, the retrace is likely.” Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1 Crypto analyst Byzantine General considers SOL’s chart to look "pretty crazy.” The trader highlighted that Solana appears to be printing an Adam and Eve (A&E) double-bottom pattern, with the confirmation line around the $160 price range.

Related Reading: Ethereum: Analyst Sets $2,820 As ETH’s Next Key Level to Watch, Here’s Why Solana Retests $160 Resistance Solana’s rally started last week following the market surge driven by the US Federal Reserve’s rate cuts.

Analyst Crypto Horn Harris noted Solana’s price action on the weekly chart, claiming it "looks nothing short of insane right now.” He underscored that SOL’ retested the Relative Strength Index (RSI) "properly” while doing a "perfect reset” of the 50-day Moving Average (MA).

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Article Details

Author / Journalist: Rubmar Garcia

Category: Crypto

Markets: United Kingdom

Topics: Crypto market Crypto Market Recovery CZ Btc Binance Sol Solana Bullish Chanpeng Zhao Crypto trader SOLUSDT Solana Crypto analyst Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-28 @ 09:30:24 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 494 words

Reading Time: 3 minutes read

Sentences: 71 lines

Sentence Length: 7 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 22759381

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