CandleFocus Solana Flag Breakout Eyes 60% Rally to $239 Target: Details
2024-09-25
Author: Content Editor
The article discusses the potential for Solana (SOL) to surpass the $200 threshold in the current bull run. The altcoin has displayed a flag breakout on the 4-hour chart, indicating a potential bull run and extending its uptrend. However, there is a rounding bottom pattern that may contain this trend. The price briefly surpassed $150 and is now challenging the 50% Fibonacci level at $154. Despite a recent decline, there is a chance of a post-retest reversal and a new bull cycle within the larger rounding bottom pattern. The MACD indicator and the merging of the 100 and 200 EMA suggest a potential bullish crossover. A breakout from the rounding bottom could potentially reach the 100% Fibonacci level at $192 and the 1.618 Fibonacci level at $239.35. Crucial support levels are identified at $145 and $133.98.
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