Solana Price Poised for Massive Breakout – $233 in Sight as Breakpoint Nears
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the Solana price has experienced a notable decline of 3.69% amid a wider market downturn.
Analysts, however, point to a hidden bullish divergence pattern as a potential indicator of an impending breakout.
Today’s downward movement pushes Solana further into its recent slump, down 8.02% since last Friday, making it one of the worst performers compared to other notable altcoins.
With this downturn, trader interest appears to have waned. The altcoin’s trading volume has dipped by 5.21% to $1.945 billion over the past 24 hours.
In a September 4th X post, renowned crypto analyst Javon Marks maintained a bullish outlook on Solana, with a long-standing target of $233.8 for the asset.
This target is supported by significant developments on the Solana price chart, which has recently confirmed and sustained a hidden bullish divergence pattern ongoing since mid-2023.
Our $233.8 Target for $SOL (Solana) has been maintained since mid 2023 at $16.12, with prices seeing an approximately 1,203% climb afterwards towards the meeting of it.
Now, with the pullback just under, this target goes unchanged as the breakout bringing it in play, continues… https://t.co/JtS5dYyQVI pic.twitter.com/MrVmQ26wXJ
“As the breakout bringing it into play continues to hold, and with bullish signals coming in, a nearly +72% climb to finish that process of meeting it could be in development,” Marks stated.
This bullish sentiment has been echoed by other analysts, who cite the upcoming September 16th Breakpoint event, showcasing the Solana ecosystem’s innovation
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