CandleFocus Historical Bullish Pattern Suggests Solana (SOL) Price Could Soar By 70%
2024-10-22
Author: Content Editor
The article discusses the potential for a 70% increase in the price of Solana (SOL), a cryptocurrency. The analysis points out that SOL has formed a cup-and-handle pattern, indicating a potential breakout. If the pattern is validated and SOL breaks above the major neckline at $167, the price could rise by 70% to reach $285. The Bull Bear Power (BBP) indicator also suggests that bulls are in control. Additionally, the increasing institutional adoption of SOL, such as VanEck including staking for its Solana Exchange Traded Note, could positively influence the price. In the short term, if SOL continues to stay above the $155 support level, it could move higher and potentially reach the 78.6% Fibonacci retracement level at $176.07. However, dropping below the 61.8% Fib level could result in a decline to $142.06.
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