Technical Analysis Shows Potential Breakout to $200-220 Range
The post Technical Analysis Shows Potential Breakout to $200-220 Range appeared on BitcoinEthereumNews.com. TLDR Solana (SOL) is forming a bull flag pattern that could drive prices to $260, but needs to break above $180 resistance first Current price around $187 after recovering from $160 drop, with RSI at healthy 64.30 level Declining volumes during consolidation phase suggest caution as buying pressure remains weak Solana memecoin trading volume surged 46% in May, reaching $58.7 billion monthly volume Multiple analysts see bullish patterns, with one targeting $450 based on hidden divergence signals Solana is attempting to reclaim its position above the key $180 resistance level for the second consecutive week. The cryptocurrency briefly dropped to $160 from $184 before recovering to current levels around $187. The daily chart shows SOL forming a textbook bull flag pattern after a strong uptrend. This technical formation typically signals continuation of the prior bullish move when broken to the upside. A breakout above $180 could propel SOL toward its first target at $200. Further momentum could push the price to $220 if buying pressure sustains. The relative strength index sits at 64.30, indicating healthy momentum without reaching overbought conditions. This technical indicator suggests room for further upward movement. However, declining volumes during the consolidation phase raise concerns among analysts. The lack of strong buying pressure could potentially stall any breakout attempt above the $180 resistance. Solana Price on CoinGecko SOL needs a clear market structure break or decisive bullish breakout above $180 to trigger the next rally phase. Without this catalyst, the upward momentum may falter. If SOL fails to breach the $180 level, the immediate support zone lies between $140-150. This range represents a daily order block that should provide higher timeframe support during any price correction. Technical Analysts Eye Fractal Patterns Crypto trader Robert Mercer identified a price fractal pattern similar to October 2024. He highlighted two…
The post Technical Analysis Shows Potential Breakout to $200-220 Range appeared on BitcoinEthereumNews.com.
TLDR Solana (SOL) is forming a bull flag pattern that could drive prices to $260, but needs to break above $180 resistance first Current price around $187 after recovering from $160 drop, with RSI at healthy 64.30 level Declining volumes during consolidation phase suggest caution as buying pressure remains weak Solana memecoin trading volume surged 46% in May, reaching $58.7 billion monthly volume Multiple analysts see bullish patterns, with one targeting $450 based on hidden divergence signals Solana is attempting to reclaim its position above the key $180 resistance level for the second consecutive week. The cryptocurrency briefly dropped to $160 from $184 before recovering to current levels around $187. The daily chart shows SOL forming a textbook bull flag pattern after a strong uptrend. This technical formation typically signals continuation of the prior bullish move when broken to the upside. A breakout above $180 could propel SOL toward its first target at $200. Further momentum could push the price to $220 if buying pressure sustains. The relative strength index sits at 64.30, indicating healthy momentum without reaching overbought conditions. This technical indicator suggests room for further upward movement. However, declining volumes during the consolidation phase raise concerns among analysts. The lack of strong buying pressure could potentially stall any breakout attempt above the $180 resistance. Solana Price on CoinGecko SOL needs a clear market structure break or decisive bullish breakout above $180 to trigger the next rally phase. Without this catalyst, the upward momentum may falter. If SOL fails to breach the $180 level, the immediate support zone lies between $140-150. This range represents a daily order block that should provide higher timeframe support during any price correction. Technical Analysts Eye Fractal Patterns Crypto trader Robert Mercer identified a price fractal pattern similar to October 2024. He highlighted two…
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