$SOL
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Is Solana’s Cup-And-Handle Pattern Signaling a Drop to $140? Here’s What You Need to Know!
In the latest update on Solana news, market expert Ted Pillows provides a fresh perspective on the future movements of Solana (SOL). Amid a widespread downturn in the cryptocurrency market, Solana has seen a significant decline, over 15% in just one week. This plunge is part of a broader crypto market retreat, yet it might herald an upcoming price adjustment phase for SOL.
On August 1, in a detailed social media post, Pillows elaborated on a technical formation known as the cup-and-handle pattern observed in the SOL monthly charts. Traditionally indicative of a bullish continuation, this pattern begins with a “cup” phase where prices dip and then gradually ascend, sketching a U-shaped trajectory. This is followed by a slight downward “handle” movement. According to Pillows, Solana is presently in this handle phase, suggesting a potential dip to the $140-$150 range.
Currently trading at approximately $159, Solana could experience an additional downturn of about 11%. However, this should not alarm investors as this pattern typically precedes a significant upward rally. Pillows predicts that if Solana can break past the critical resistance at $235, known as the neckline, it might climb as high as $1,000, marking an impressive increase of over 530% from today’s prices.
Despite recent setbacks, Solana’s network activity remains robust, signaling strong market engagement and underlying support for its long-term value. This is further underscored by the interest from major institutions, as noted in reports that giants like Grayscale and Fidelity are revising their Solana Spot ETF applications with regulatory bodies.
Market Overview and Future Potential
As of now, Solana’s market performance shows a slight daily dip of 3.84%, with a trading volume decrease of 37.85%, totaling around $4.98 billion. Yet, these figures align closely with Pillows’ forecast, reinforcing the notion that Solana harbors significant potential for appreciation, particularly with the anticipated altcoin season on the horizon.
The sentiment in the investment community remains overwhelmingly positive, buoyed by substantial institutional backing. This environment could foster a favorable outcome for Solana, aligning with the bullish patterns identified by Pillows.
For those interested in deeper investment insights and the broader implications of market movements, consider exploring additional resources and expert analyses in the cryptocurrency arena. This sector is ripe with opportunities for the informed investor.
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In conclusion, while the short-term journey for Solana may see some turbulence, the overarching trajectory points towards a significant potential rally. Investors should keep a keen eye on the $140 support level and the pivotal $235 neckline for clues on SOL’s future direction.
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