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Solana’s Recovery: Is a New Peak in Sight?
Recent market activities have sparked discussions around Solana’s potential comeback, as the cryptocurrency emerges from a significant market dip. Early indications suggest a resurgence to its previous highs could be on the horizon, marking exciting developments in the latest Solana news.
Breakout Points to a $164 Target
Solana is witnessing a notable upturn, marked by a 2.45% increase over the past week. The recovery follows a sharp drop to the $140 area. The coin has impressively rebounded from a 14-month low of $95, recorded in early April. Despite a recent 11% decline over a week, Solana has managed a near 10% bounce back over the weekend, solidly reclaiming the $150 support level.
This resurgence has been characterized by the formation of an ascending triangle pattern. Crypto analyst Ali Martinez pointed out this pattern, suggesting a potential 6% increase to the $160 mark, a level Solana recently lost. Following a decisive breakout from this triangle on Monday, after regaining the $155 level, Solana may well be on its way to the $164 mark, unseen in the last two weeks.
Potential Surge Beyond $180
Analyst CW has noted that breaking the $160 resistance could swiftly restore previous prices, potentially pushing Solana towards the $180 mark. The next major challenge lies at the $180 resistance level, which has remained elusive despite a recent peak at $187.
If Solana can overcome this barrier, it might set sights on the $200 mark, potentially ushering in new peak prices. Conversely, failure to maintain current levels could see prices retracting to the $142 support, or even down to $135.
Market Optimism Fuels Higher Targets
Market observer Jeremy has highlighted that Solana is breaking free from a protracted downtrend consolidation. Having fluctuated between $140 and $187 since late May, the cryptocurrency has now broken out of a two-week descending channel after reclaiming the $155 level. Jeremy optimistically predicts that barring any adverse effects from global political tensions, reaching $300 could just be a matter of time.
Furthermore, trader Coinvo has signaled that the market bottom for Solana might have been reached, citing a bullish megaphone pattern that suggests a possible ascent to all-time high levels during the upcoming fifth wave.
As of the latest updates, Solana trades at $156, reflecting a 1.88% increase on the daily chart. For more insightful articles and financial analysis, consider visiting [Financier News](https://www.financier.news/).
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