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Solana (SOL) Chart Analysis: Breakout Potential and Key Price Levels

Ready for an epic surge if a specific chart pattern is confirmed.

The model consists of a descending parallel channel, drawn by connecting the lower highs and lower lows, featuring parallel trend lines indicating the downward trend.

Solana (SOL) may witness a significant breakthrough when the price breaches the upper or lower boundaries of the channel, signifying a stronger indicator. When this occurs, the price may move swiftly and sharply in the direction of the breakout.

Adding to this, if SOL manages to maintain levels above $94, there’s a substantial opportunity for an upward move towards $113, according to Ali’s analysis.

According to Ali, it appears that Solana is breaking out of the descending parallel channel. Observing a descending parallel channel on the four-hour chart for Solana indicates a very short-term price decline.

There are two potential scenarios regarding the descending channel: if the movement aligns with the previous trend, the descending channel acts as a continuation pattern. If the movement goes against the previous trend, the descending channel might signal a reversal.

In the bigger picture, SOL is still in an upward trend. Recently, SOL has consistently risen since reaching $78.87 on January 23, gearing up for its fourth consecutive day of progress on January 26.

If an upward scenario unfolds and SOL surpasses $113, as anticipated by Ali, it may approach the next resistance level at $126.11, aligning with previous highs in December 2023.

READ MORE Raoul Pal Boosts Confidence in Solana (SOL) Amidst Bullish Predictions”

A breakthrough above this level could lead to a new high, potentially surpassing $200, a level not seen since January 2022. Currently, SOL has experienced a 0.37% decrease in the past 24 hours, trading at $97.61.

On the flip side, the next support level to monitor is $78, which recently served as a strong demand zone. A breakthrough below $78 would confirm a negative trend, potentially taking the price down to $67.

On the other hand, if SOL prices decline… [continuation of analysis].

Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.

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