CandleFocus

Solana Flashes Channel Breakout Chances, $271 in Focus

Author: Content Editor
Solana is experiencing a V-shaped reversal and seeing increased buying pressure, with the cryptocurrency surging by 5.26% in the past 24 hours and reaching a market cap of $110 billion. The price action forms a falling channel pattern, but the reversal from the critical support trendline near $200 indicates renewed market momentum. Resistance levels and moving averages are being tested, and a close above the 23.6% Fibonacci level at $231.41 could signal a major recovery and potential breakout rally. The Fibonacci levels suggest rally targets of $246.73 and $259, with potential for new all-time highs at $271 and $289. However, there is concern about a potential "death cross" event. A bearish reversal could see Solana retesting support levels at $220 and $200.

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