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Solana’s breakout odds – Here’s how SOL’s price can hit $300!
The post Solana’s breakout odds – Here’s how SOL’s price can hit $300! appeared on BitcoinEthereumNews.com. Key Takeaways Are they any near-term price targets for Solana? If Solana’s price is able to breach its immediate resistance level, hitting $300 may be in the offing. What do metrics say about investors’ behaviour in Solana’s market? At the time of writing, investors were increasingly in favour of holding, rather than selling. Since early September, Solana’s [SOL] exchange reserves have continued to decline sharply, signaling strong accumulation behavior among long-term holders. At the time of writing, on-chain data seemed to highlight consistent withdrawals, with the latest figures recording over $72 million in a single day. Such persistent movement of tokens off exchanges reduces immediate liquidity and limits potential sell pressure. Consequently, market participants may now be interpreting this as a sign of increasing conviction in Solana’s mid-term outlook. That’s not all though as such steep declines in reserves historically align with price strength. What this implies is that the ongoing market phase is critical for SOL’s performance in the next few weeks. Rounded bottom structure points to $300-target if resistance breaks Solana’s price chart highlighted a rounded bottom structure – A bullish reversal pattern often observed during extended accumulation. At press time, the altcoin’s price seemed to be trading near $236, holding comfortably above the $220-support. The next key resistance level will be at $262 – A decisive level that could determine whether SOL achieves a breakout. Directional momentum indicators seemed to be flashing signs of renewed strength too, with the positive DMI edging higher. Such an alignment of structure and momentum alludes to a favorable setup. However, SOL must secure a clean breakout beyond the resistance before any attempt to approach the $300-target becomes realistic. Source: TradingView Are spot flows revealing the hidden strength behind Solana’s rally? Solana’s spot flows have been seeing strong outflows, with the most recent data…
The post Solana’s breakout odds – Here’s how SOL’s price can hit $300! appeared on BitcoinEthereumNews.com.
Key Takeaways Are they any near-term price targets for Solana? If Solana’s price is able to breach its immediate resistance level, hitting $300 may be in the offing. What do metrics say about investors’ behaviour in Solana’s market? At the time of writing, investors were increasingly in favour of holding, rather than selling. Since early September, Solana’s [SOL] exchange reserves have continued to decline sharply, signaling strong accumulation behavior among long-term holders. At the time of writing, on-chain data seemed to highlight consistent withdrawals, with the latest figures recording over $72 million in a single day. Such persistent movement of tokens off exchanges reduces immediate liquidity and limits potential sell pressure. Consequently, market participants may now be interpreting this as a sign of increasing conviction in Solana’s mid-term outlook. That’s not all though as such steep declines in reserves historically align with price strength. What this implies is that the ongoing market phase is critical for SOL’s performance in the next few weeks. Rounded bottom structure points to $300-target if resistance breaks Solana’s price chart highlighted a rounded bottom structure – A bullish reversal pattern often observed during extended accumulation. At press time, the altcoin’s price seemed to be trading near $236, holding comfortably above the $220-support. The next key resistance level will be at $262 – A decisive level that could determine whether SOL achieves a breakout. Directional momentum indicators seemed to be flashing signs of renewed strength too, with the positive DMI edging higher. Such an alignment of structure and momentum alludes to a favorable setup. However, SOL must secure a clean breakout beyond the resistance before any attempt to approach the $300-target becomes realistic. Source: TradingView Are spot flows revealing the hidden strength behind Solana’s rally? Solana’s spot flows have been seeing strong outflows, with the most recent data…
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