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Today, Tuesday 02 July 2024, StockCharts365.com has taken a closer look at the popular cryptocurrency Solana (SOL/USD), and where the technical picture now indicates a very large potential for Solana.


[02 July 2024]


Today, Tuesday 02 July 2024, StockCharts365.com has taken a closer look at the popular cryptocurrency Solana (SOL/USD), and where the technical picture now indicates a very large potential for Solana if it now breaks out of a large consolidation formation.

A possible quadrupling of Solana (SOL/USD) in just the next six months may sound extreme, but we don't have to go back any further than the fall of 2023 when SOL/USD rose from below USD 20.00 to USD 120.00 during around four months. That means a sixfold increase in four months. Now Solana can face another sharp rise and perhaps a quadrupling in just the next six months or so. Read more about this in the technical analysis below about Solana (SOL/USD).


 

Technical Analysis of Solana (SOL/USD)


Technical Analysis of Solana (SOL/USD):


Solana (SOL/USD) is now showing a very exciting technical picture, which signals that Solana (SOL/USD) may have potential up to around USD 400.00 - 800.00 if it breaks out of the ongoing consolidation within a symmetrical triangle formation.


SOL/USD finds significant technical support around USD 118.00, and as mentioned is moving within a larger symmetrical triangle consolidation formation.


An established break above USD 180.00 for SOL/USD will trigger a strong technical buy signal for Solana, and then a further rise up to between USD 400.00 and 800.00 will be signaled in the medium term (3-6 months).


Various momentum indicators such as RSI and MACD are now signaling further upswing for SOL/USD in the short term, and there may thus be a break from this consolidation formation in the coming weeks.


What could trigger negative technical signals for SOL/USD would be if there were to be an established break below the now very important technical support level around USD 118.00.


Solana thus now finds significant technical support around the USD 118.00 level and also finds significant technical support now around the 200-day moving average.


The overall technical picture for Solana (SOL/USD) is very exciting and worth watching going forward, should there be an established break above the USD 180.00 level and up from this consolidation formation.


Yes, then a strong technical buy signal will be triggered which will indicate a further rise within the rising trend, to around USD 400.00 - 800.00 in the 3-6 month term.


So well worth keeping a close eye on here at Solana (SOL/USD) and the development over the next few days and weeks here, which can provide important technical signals for the further development going forward.


 

NB! Remember to have read and understood the disclaimer.

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