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Analyst Identifies Potential Targets for Solana as It Approaches Major Breakout

Author: Content Editor
Solana (SOL) is trading within a consolidation range, but market watcher Edward predicts a potential breakout. The cryptocurrency has been moving between $143.33 and $144.70 without a clear direction. SOL's sideways movement has created a defined trading range, and traders are anticipating a breakout. SOL is currently trading below key moving averages, indicating a slightly bearish momentum, but a break above these averages could shift sentiment. A bullish breakout could push the price towards the next resistance level, while a bearish move could trigger a pullback. Market analyst Geoff Kendrick predicts significant gains for Solana if Donald Trump wins the 2024 U.S. presidential election, as it could lead to a favorable regulatory environment for crypto assets. However, the current bearish sentiment in the market adds uncertainty to Solana's price. Santiment's data shows that Solana has been subject to negative crowd narratives but historically, assets experiencing a downturn in sentiment have seen subsequent price increases.

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