{"id":626092,"date":"2024-06-24T11:30:56","date_gmt":"2024-06-24T11:30:56","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=626092"},"modified":"2024-07-10T14:44:32","modified_gmt":"2024-07-10T14:44:32","slug":"solana-slides-15-can-it-recover-despite-analysts-1000-prediction","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/solana-slides-15-can-it-recover-despite-analysts-1000-prediction\/","title":{"rendered":"Solana Slides 13% &#8211; Can It Recover Despite Analyst&#8217;s $1,000 Prediction?"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:67\">Solana (SOL) has had an upward trend in the cryptocurrency market because of the recent volatility. Following a remarkable surge earlier in 2024, SOL saw a significant<a href=\"https:\/\/www.coingecko.com\/en\/coins\/solana\" rel=\"nofollow\"> decline of 13%<\/a> in the past week, causing investors to speculate about future developments.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/toncoin-on-fire-crypto-explodes-to-all-time-high-can-it-hit-10\/\" target=\"_blank\" rel=\"noopener \">Toncoin On Fire: Crypto Explodes To All-Time High \u2013 Can It Hit $10?<\/a><\/div>\n<p data-sourcepos=\"5:1-5:83\">Technical expert Patel took a close look on coin&#8217;s weekly performance, and discovers a classic &#8220;Cup and Handle&#8221; pattern, a bullish indication akin to, well, a cup and its handle.<\/p>\n<h2 data-sourcepos=\"7:1-7:66\"><strong>Frothy Past, Steady Handle: A Recipe For A Breakout?<\/strong><\/h2>\n<p data-sourcepos=\"9:1-9:272\">Patel claims that the &#8220;cup&#8221; component of the trend extends from mid-2021 to mid-2022 and covers Solana&#8217;s strong climb and eventual drop. The current consolidation phase forms the &#8220;handle,&#8221; following the first parabolic movement in price.<\/p>\n<p data-sourcepos=\"11:1-11:14\">For SOL bulls, the key hurdle lies in surpassing the resistance zone around $200-$225, a level that has historically acted as a psychological barrier. A successful breach of this resistance could be the first sip of a bullish resurgence.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/SOLANA?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#SOLANA<\/a> $1000 Roadmap \ud83d\ude80<a href=\"https:\/\/twitter.com\/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$SOL<\/a> <a href=\"https:\/\/t.co\/s7KipEbDTd\" rel=\"nofollow\">pic.twitter.com\/s7KipEbDTd<\/a><\/p>\n<p>\u2014 Crypto Patel (@CryptoPatel) <a href=\"https:\/\/twitter.com\/CryptoPatel\/status\/79999852?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 22, 2024<\/a><\/p><\/blockquote>\n<h2 data-sourcepos=\"13:1-13:59\"><strong>$520 Or $1,042: Patel&#8217;s Ambitious Price Targets\u00a0<\/strong><\/h2>\n<p data-sourcepos=\"15:1-15:246\">Two potential medium- to long-term price targets for SOL are indicated in Patel&#8217;s analysis, both of which rise above the present resistance. The first goal, or TP1, would indicate a significant increase and retest previous highs at $520.<\/p>\n<p data-sourcepos=\"17:1-17:371\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-626107\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/06\/A_402fa5.png?resize=1024%2C481\" alt=\"\" width=\"1024\" height=\"481\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/06\/A_402fa5.png?w=1579 1579w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/06\/A_402fa5.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/06\/A_402fa5.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/06\/A_402fa5.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/06\/A_402fa5.png?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/06\/A_402fa5.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/06\/A_402fa5.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p data-sourcepos=\"17:1-17:371\">Patel doesn&#8217;t stop there, though. With a startling $1,042 price tag, his second objective, TP2, draws attention and suggests an extraordinarily bullish long-term outlook. But getting to these great altitudes depends on finishing the handle creation completely.<\/p>\n<p data-sourcepos=\"17:1-17:371\">This would entail an additional period of consolidation as well as a possible retreat, which would be a necessary evil to build up steam for a strong breakout.<\/p>\n<figure style=\"width: 2475px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/QFJmUl0j\/\" alt=\"\" width=\"2475\" height=\"1163\"><figcaption class=\"wp-caption-text\">Solana market cap currently at $58 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2 data-sourcepos=\"19:1-19:63\"><strong>Can SOL Weather The Short-Term Squall?<\/strong><\/h2>\n<p data-sourcepos=\"21:1-21:54\">Although Patel&#8217;s study presents a positive long-term outlook, the short-term outlook for SOL is a little more uncertain. Given that Solana is currently trading below its 100-day Simple Moving Average (SMA), the indications of the market point to a negative undercurrent. Bearish sentiment is further reinforced by the Relative Strength Index (RSI), which is trading below 50% and verging on oversold territory.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/forget-the-dip-xrp-primed-for-epic-rally-to-36-expert-claims\/\" target=\"_blank\" rel=\"noopener \">Forget The Dip! XRP Primed For Epic Rally To $36, Expert Claims<\/a><\/div>\n<p data-sourcepos=\"23:1-23:346\">In the foreseeable future, SOL may experience a temporary decrease; several experts anticipate a drop as low as $99 or in proximity to the $118 support threshold. Nevertheless, it is not feasible to completely eliminate the possibility of a reversal. It is not possible to totally rule out the chance of a reversal, though. SOL may surpass the resistance level at $140 and advance towards $160 and $188 if the market recovers..<\/p>\n<p data-sourcepos=\"27:1-27:356\">Investors are able to traverse the turbulent cryptocurrency market with ease thanks to a comprehensive manual that is provided by Patel&#8217;s study. Although there may be variations in the SOL over a short period of time, the long-term picture is good so long as it continues to move upward and breaks through critical resistance levels.<\/p>\n<p data-sourcepos=\"27:1-27:356\"><em>Featured image from Lookphotos, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana (SOL) has had an upward trend in the cryptocurrency market because of the recent volatility. Following a remarkable surge earlier in 2024, SOL saw a significant decline of 13% in the past week, causing investors to speculate about future developments. Related Reading: Toncoin On Fire: Crypto Explodes To All-Time High \u2013 Can It Hit $10? Technical expert Patel took a close look on coin&#8217;s weekly performance, and discovers a classic &#8220;Cup and Handle&#8221; pattern, a bullish indication akin to, well, a cup and its handle. Frothy Past, Steady Handle: A Recipe For A Breakout? Patel claims that the &#8220;cup&#8221; component of the trend extends from mid-2021 to mid-2022 and covers Solana&#8217;s strong climb and eventual drop. The current consolidation phase forms the &#8220;handle,&#8221; following the first parabolic movement in price. For SOL bulls, the key hurdle lies in surpassing the resistance zone around $200-$225, a level that has historically acted as a psychological barrier. A successful breach of this resistance could be the first sip of a bullish resurgence. #SOLANA $1000 Roadmap \ud83d\ude80$SOL pic.twitter.com\/s7KipEbDTd \u2014 Crypto Patel (@CryptoPatel) June 22, 2024 $520 Or $1,042: Patel&#8217;s Ambitious Price Targets\u00a0 Two potential medium- to long-term price targets for SOL are indicated in Patel&#8217;s analysis, both of which rise above the present resistance. The first goal, or TP1, would indicate a significant increase and retest previous highs at $520. Patel doesn&#8217;t stop there, though. With a startling $1,042 price tag, his second objective, TP2, draws attention and suggests an extraordinarily bullish long-term outlook. But getting to these great altitudes depends on finishing the handle creation completely. This would entail an additional period of consolidation as well as a possible retreat, which would be a necessary evil to build up steam for a strong breakout. Can SOL Weather The Short-Term Squall? Although Patel&#8217;s study presents a positive long-term outlook, the short-term outlook for SOL is a little more uncertain. Given that Solana is currently trading below its 100-day Simple Moving Average (SMA), the indications of the market point to a negative undercurrent. Bearish sentiment is further reinforced by the Relative Strength Index (RSI), which is trading below 50% and verging on oversold territory. Related Reading: Forget The Dip! XRP Primed For Epic Rally To $36, Expert Claims In the foreseeable future, SOL may experience a temporary decrease; several experts anticipate a drop as low as $99 or in proximity to the $118 support threshold. Nevertheless, it is not feasible to completely eliminate the possibility of a reversal. It is not possible to totally rule out the chance of a reversal, though. SOL may surpass the resistance level at $140 and advance towards $160 and $188 if the market recovers.. Investors are able to traverse the turbulent cryptocurrency market with ease thanks to a comprehensive manual that is provided by Patel&#8217;s study. Although there may be variations in the SOL over a short period of time, the long-term picture is good so long as it continues to move upward and breaks through critical resistance levels. Featured image from Lookphotos, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":626122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,6664,85699,12837,83626],"class_list":["post-626092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-crypto","tag-memecoin","tag-sol","tag-solana"],"acf":[],"yoast_head":"\n<title>Solana Slides 15%, Can It Recover Despite Major Prediction?<\/title>\n<meta name=\"description\" content=\"Solana (SOL) has had an upward trend in the cryptocurrency market because of the recent volatility. 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