Solana Price Analysis As Bullish Fractal Targets $180

Solana price embarked on a recovery journey after the massive drop in value to $110 last week. This price action led to a modest rally, which tested the $164 level after taking out resistance at $140 and $150, respectively.

However, uncertainty in the crypto market hinged on intense disgruntlement among traders due to high interest rates. Fears of a recession in the US fuelled another minor crash, where SOL price retested $140 support. The competitive smart contracts token hovered at $144 during US business hours on Wednesdays, weighed down by high volatility often associated with the release of the Consumer Price Index (CPI) data.

Solana Partners With Selecta For USDC Payments

Solana’s ecosystem continues to expand, with recent partnerships bolstering its utility. The collaboration with Selecta to enable USDC payments for snacks and drinks in France is a testament to Solana’s growing adoption.

Selecta is a fast-food technology company that believes seamless crypto payments will be a game changer in Europe. Roland Ludwig, Selecta’s CTO and COO, said, “This was the first time crypto payments didn’t feel like a Rube Goldberg machine. Payments on Solana were as fast as any other method while being cheaper for us to process. Great product for everyone!”

This development, coupled with the price action, paints a positive picture for the Solana price prospects.

Today, Selecta has activated six smart fridges in Paris – and over twenty additional locations throughout France – where consumers can buy a snack or drink with USDC on Solana.

When asked about the initiative, Roland Ludwig, Selecta CTO & COO said “For me, this was the first…

— Solana (@solana) August 14, 2024

Solana Price Bullish Fractal Analysis

Solana price prediction shows the token is poised for a potential upswing towards $180, backed by a strong technical setup and growing adoption. However, the cryptocurrency market remains volatile, and traders should exercise caution. Maintaining a stop-loss below the $140 level is crucial to manage risk.

Solana has formed a compelling bullish fractal, hinting at a potential upswing towards the $180 resistance zone. A bullish fractal forms after a downtrend, showing a lower low followed by two higher lows.

The pattern suggests a potential price reversal. Traders often buy at the fractal breakout, aiming for a price target equal to the fractal’s height. In the case of Solana, traders target $180 with the potential to extend the rally toward $200.

Note that the daily chart exhibits a clear descending triangle pattern, which, if broken, will escalate downside risks. This bearish outlook is further reinforced by the RSI’s retreat below the midline (50), suggesting growing Solana price selling pressure to $130 and $120 levels.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.