Solana Price Poised to Break Critical Resistance: $200 in Sight!

Bittime - Solana price prediction is ready to break the critical resistance at $145. If successful, the next target is at $171.76 with upside potential above $200. 

Technical analysis and funding rates support a bullish scenario, but investors need to be alert to the possibility of a correction if momentum weakens.

Solana Price Ready to Break Critical Resistance

A closer look at Solana's daily chart shows that the price is approaching a breakout of the symmetrical triangle pattern, which is formed by the convergence of descending and ascending trend lines with the same slope.

This pattern can show decreasing or increasing returns. However, the current setup suggests that SOL may surpass the $145 resistance level. 

If this proves true, the next target may be around the price of $171.76, which opens the door to a rise beyond $200. 

Conversely, if investors fail to push the price above $145, Solana may face a decline, potentially dropping to a price of $127.72.

Solana Price Prediction

However, Solana price must move above the neckline around $145 to validate this thesis. Once buying pressure increases, the altcoin price may break the overhead resistance of $152.66 and $163.06.

Funding Rate, which measures a trader's position in the market, also supports this process. When the funding rate is positive, long positions (buyers) pay short positions (sellers), and an increase in price is expected.

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Conclusion

Additionally, it is worth noting that Solana price will face the next challenge if it manages to cross $145 at resistance levels around $152.66 and $163.06.

A break above these levels would increase bullish momentum, which could push the price even higher. 

However, failure to break through these resistances could lead to a reversal, putting Solana price at risk of further declines.

Overall, positive financing rates support current market conditions, indicating the dominance of long positions. 

This increases the possibility of the price rising if bullish sentiment continues. However, investors should be alert to the possibility of a correction if the bullish momentum weakens.

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