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Solana Prognosis - Breakout Imminent! Where is the journey going?

 


The Solana price has formed a trend line in the past few weeks, which constantly serves as resistance. In addition, the course has formed a trend line, which serves as support. However, this trend line is much fresher than the resistance trend line. With a resistance and a support trendline formed at about the same time, a symmetrical triangle was created. Such triangles mostly serve as trend continuation patterns, therefore there is a higher chance of the price breaking out in a bearish manner.

If there is a bearish breakout, which we expect, the next support is likely to be targeted. The next support is around $20. As the Solana price is already in the last third of the triangle and has to make a decision soon, the price could fall to the $20 support in the next few weeks, probably as early as the month of August. What happens after that is unclear for the time being. A final price crash to around $5 is not excluded.

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