Solana Price Prediction: 🚀 What’s Next for SOL?

📊 Solana Price Prediction: A Closer Look at SOL’s Potential! 📈

On July 19, Solana (SOL) made a significant move by breaking out of a descending triangle pattern on the daily chart. This technical shift has caught the attention of many investors and analysts alike.

📈 Cup-and-Handle Formation: Since May 20, the SOL/USD pair has been following a cup-and-handle chart pattern. This classic technical setup has been forming on the daily time frame, signaling a potential upward trend.

🔄 Key Reversal Point: Recently, Solana bounced back from a dip at the crucial $165 support level. This bounce is a strong indicator of a potential reversal in the price trend. 🚀

📉 New Support Level: In early trading sessions, Solana converted the $185 resistance level into new support. Currently, $SOL is trading higher near the handle range, aiming for a recovery towards the neckline resistance at $186.

💹 TVL Growth: According to DefiLlama, Solana’s Total Value Locked (TVL) has surged by over 8.8% in the past week, climbing from $4.9 billion to $5.42 billion. This increase highlights growing confidence in the Solana ecosystem.

📈 Potential Upside: Analysis suggests that if SOL closes decisively above the neckline resistance, the price could potentially reach $252, marking a 35% increase from current levels. 📈🌟

⚠️ Watch for Downside Risks: However, if Solana fails to hold above the $185 resistance, it could face another decline. Initial support is seen around $172, with major support at $170.

KEY LEVELS:

• Resistance Level: $195.00 – $210.00
• Support Level: $172.00 – $160.00

Stay tuned for more updates and keep an eye on these key levels to navigate your investment strategy! 📊🔍

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