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Mapping Solana’s short-term price targets – Key levels to watch!
Solana has been consolidating within a broadening wedge and an ascending broadening pattern, which could lead to an uptick in volatility. This consolidation phase is crucial for the future direction of SOL.
Currently, the price is trading at $138.97, facing resistance near the 50-day moving average at $163.81. The Relative Strength Index (RSI) has reached a reading of 42.71, suggesting that there may still be room for an upward move before overbought conditions emerge.
The technical indicators are hinting at a potential increase in volatility, but it is essential to identify the key resistance levels that can help traders gauge the next possible price movement.
Resistance Levels:
* $177
* $203
* $245
Support Level:
* $133 (historically acted as a demand zone)
A breakout above the descending resistance of the broadening wedge could confirm a bullish trend continuation, potentially driving SOL towards the upper resistance zones. However, failure to break out may lead to further consolidation within the wedge.
Furthermore, if Solana breaks out of its current ascending broadening pattern, the next key resistance levels will be:
* $177
* $200
It is crucial for traders to closely monitor volume, RSI levels, and breakout confirmations before making any major moves.
Source: https://ambcrypto.com/mapping-solanas-short-term-price-targets-key-levels-to-watch/
