Solana Price Analysis Anticipated Resumption of Solana SOL Rally Targeting 188
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**Key Insights:**
– **Matthew Dixon**, the visionary leader of **Evai**, anticipates a surge in **Solana’s** valuation, potentially hitting the $188 mark.
– The forthcoming release of the **Personal Consumption Expenditures (PCE)** figures is expected to be a pivotal factor influencing Solana’s value.
– A resistance level looms at $152 for Solana, with foundational support forming near $145 and a possible retraction to $128.
**Solana’s Remarkable Ascent:**
From a modest valuation of around $20 towards the end of 2023, the native token of the Solana blockchain, **SOL**, has witnessed a meteoric rise, peaking at $200 in the early months of 2024. Despite a recent downturn, the token has maintained a staggering 794% growth in its year-to-date (YTD) performance. Presently, Solana is trading at $144.5, marking a 10% uptick, with a market capitalization standing strong at $67 billion.
**Matthew Dixon’s Forecast:**
**Matthew Dixon**, the CEO of **Evai**, remains optimistic about Solana’s potential to kickstart its ascent once more, eyeing a target near $188. Before this leap can occur, Solana must navigate through a minor corrective phase.
**The Path to $188:**
Dixon has conveyed through social media that Solana’s current price pattern mirrors an upward five-wave impulse, which is now undergoing an ABC correction in its second wave. This correction phase is anticipated to purge the market of short sellers, thereby establishing a solid support level at approximately $144. Once this base is secured, Dixon envisions a robust rally for Solana’s price, aiming for the $188 threshold.
**The Role of PCE Data:**
Today’s release of the **Personal Consumption Expenditures (PCE)** data is set to play an instrumental role in shaping Solana’s trajectory. The PCE Price Index, a key inflation metric favored by the U.S. Federal Reserve, is scheduled for publication by the U.S. Bureau of Economic Analysis at 12:30 GMT. Dixon holds the view that these figures will be critical in determining Solana’s path forward.
**Technical Outlook for Solana:**
Currently, Solana’s trading activity is buoyant above $144, surpassing the 100-hourly simple moving average. The SOL/USD hourly chart reveals a positive trend line with support near $142, aligning with the 50% Fibonacci retracement level of the recent fluctuation between $138 and $151. Should the price persist in its climb, it may encounter resistance near $150, with a more formidable barrier at $152.
In contrast, should Solana struggle to breach the $152 mark, a corrective phase could ensue. The initial support is projected near $145, and a descent below $140 could precipitate a slide towards the $128 region in the near term.
**Also of Interest:**
The submission of a Solana ETF filing has provided a boost to SOL’s price, and a selection of Solana-based altcoins may be on the cusp of a significant rally.
**Tags:**
**Solana (SOL)**
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