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Solana Correction About To End? Analyst Eyes $130 Retest First
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Solana Correction About To End? Analyst Forecasts $130 Retest Before Next Wave Up

Rubmar Garcia
Rubmar Garcia
3 weeks ago
3 mins read
Solana, Monero, SUI

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Amid the geopolitical turmoil, Solana (SOL) has retraced 10% in the past week. Some analysts believe that the altcoin’s correction is about to end, but warned that a dip below a key support level might come first.

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Solana Eyes Key Retest Before Breakout

After retesting the $168 resistance last Wednesday, Solana has fallen back to a key level fueled by the recent market pullback. The cryptocurrency has seen a 15% retracement from its monthly highs, trading around the $140 zone for the past three days.

SOL has been hovering between the $145-$180 price range since its May breakout, falling to the range lows during the June market shakeouts. Since then, the altcoin has struggled to reclaim the $160-$170 mid-zone.

Nonetheless, market watcher Lluciano considers that Solana “may dip a bit more, but the ultimate target is seriously huge.” The analyst highlighted SOL’s performance since April, noting that it ended its multi-month downtrend after breaking above its descending resistance at the end of March.

Solana
SOL trades within a one-month falling wedge pattern. Source: Lluciano_BTC on X

After this price action, SOL retested the $100-$120 demand zone before breaking out to its current range in the following weeks. Now, the altcoin’s chart displays a one-month falling wedge pattern, with the upper boundary sitting around the $155-$160 area.

To the analyst, a breakout from this pattern could send the cryptocurrency toward May’s $187 high resistance before propelling the price to retest the $240 mark.

Similarly, trader Rose noted that SOL has been consolidating above the key $145 resistance and 50-day Moving Average (MA), signaling a potential breakout. “If confirmed, the price could rise toward targets at $165, $183, and $220,” they suggested.

SOL To Underperform In Coming Months?

Market watcher Crypto Bullet suggested that Solana’s correction is coming to an end. The analyst forecasted that SOL could soon lose its current range and retest the April consolidation range, around the $125-$135 area, to complete the correction.

This would be followed by a bounce back into the current range before surging past the $200 barrier toward the $220-$250 targets, for “one more wave up” this cycle.

Meanwhile, Altcoin Sherpa affirmed Solana won’t outperform like it did during the first half of the cycle. According to the analyst, the cryptocurrency won’t outperform Bitcoin (BTC) on any long-term timeframe “other than a few blips here and there.”

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Bitcoin Setting Up For ‘Large Move’ Amid $103,000 Retest – Key Levels To Watch

3 weeks ago

He explained that the cycle’s leading altcoin isn’t “dead,” but that he doesn’t “see it having a run like it did in 2021/2024.” Notably, SOL is currently retesting its late November 2023 support levels against BTC, which previously sent it to yearly lows after failing to hold them.

Altcoin Sherpa concluded that Solana will likely continue to climb against its USDT pair but continue to bleed in its SOL/BTC chart.

As of this writing, Solana is trading at $145, a 12.1% decline in the monthly timeframe.

Solana, sol, solusdt
Solana’s performance in the one-week chart. Source: SOLUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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