Solana News: Analyst Predicts Big Breakout for Sixth-Largest Cryptocurrency

A popular analyst on social media has made a bullish prediction for Solana, suggesting that the sixth-largest cryptocurrency could be on the verge of a significant price breakout.

Solana Price On The Verge Of A ‘Big Breakout’

The cryptocurrency market is currently in a lull, with most large-cap assets struggling to break out. The Solana price has been stuck in the $120 – $140 range for the past two weeks. However, a popular analyst on social media platform X has made a bullish projection for the sixth-largest cryptocurrency. According to a March 22 post by Satoshi Flipper, the Solana price appears to be on the verge of a breakout, with sights on a new higher high based on the appearance of a symmetrical triangle pattern on the 4-hour chart.

Solana Eyes Further Gains After 1.54% Surge

Solana ($SOL) has seen a price increase of 1.54% in the past 24 hours, moving from $129.04 to $130.68. This upward trend indicates solid investor confidence and suggests the possibility of further price jumps. The market capitalization of $SOL is currently $66,657,731,140.34, with a 24-hour volume of $1,386,819,306.8.

Solana Price Faces Slowdown: Support And Resistance Levels To Keep An Eye On

Solana’s price action is being shaped by investor behavior at key price levels. Large clusters of traders have formed at both ends of the current trading range, especially at $144, where close to 5% of the total supply is concentrated. This level has become a test of resistance for Solana’s price action in the past few days, as overall Solana trading activity and market participation continue to slow down.

Solana’s Momentum Breaks Down, Faces Sell-Off Risk

Solana (SOL) is struggling with fading momentum, low velocity, and weakening demand, currently trading below the $135 resistance level. The MVRV ratio has dipped below zero, signaling growing bearish pressure and potential capitulation risk. With broader market conditions turning cautious, SOL’s outlook looks increasingly uncertain, raising questions about its ability to reclaim bullish footing or if it’s entering a prolonged consolidation phase.