Solana Price Prediction:Is a New High Just Around the Corner

Solana surpasses Binance Coin as fourth-largest crypto

• According to the daily chart, Solana broke out of the descending triangle pattern on July 19.

• The SOL/USD pair has been forming a cup-and-handle chart pattern on the daily time frame since May 20.

• #Solana has bounced back from a dip at the $165 support level, signaling a crucial reversal.

• In the early session, #Solana converted the $185 resistance level into new support.

• $SOL now trades higher near the handle range and is pursuing a recovery toward the neckline resistance at $186.

• According to DefiLlama data, Solana’s Total Value Locked (TVL) has increased by over 8.8% in the past week, rising from $4.9 billion to $5.42 billion.

• According to Coingabbar analysis, A decisive daily candlestick close above the neckline could lead the SOL price to $252, up 35% from the current levels.

• If $SOL fails to hold above the $185 resistance, it could initiate another decline. Initial support is around $172, with major support at $170.

KEY LEVELS :

RESISTANCE LEVEL : $195.00-$210.00

SUPPORT LEVEL : $172.00-$160.00

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.