- Solana’s price is showing bullish signs with a potential breakout to $180, supported by a fractal pattern and a new partnership with Selecta for USDC payments.
- However, market volatility may cause a dip to $130 before the uptrend resumes.
Solana (SOL) continues to be a focal point for traders and investors, with recent price action indicating a possible bullish breakout. After dipping to $110 last week, SOL quickly rebounded, testing resistance at $140 and $150. However, the market remains shaky due to high interest rates and fears of a U.S. recession, which triggered another minor correction, bringing SOL back to $140 support.
As of Wednesday, Solana was hovering at $144, influenced by heightened volatility around the release of the Consumer Price Index (CPI) data. Despite this uncertainty, a bullish fractal pattern and strategic partnerships suggest SOL could be headed towards $180.
Solana Partners with Selecta for USDC Payments
Solana’s ecosystem expansion is driving optimism among investors. A recent partnership with Selecta, a fast-food technology company, enables USDC payments for snacks and drinks in France. This collaboration highlights the growing utility of Solana’s blockchain in real-world applications.
Roland Ludwig, Selecta’s CTO and COO, commented on the development, stating, “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!”
Every second counts ft. @enjoyselecta 🇫🇷
— Solana (@solana) August 14, 2024
Need to make a pitstop? Selecta smart fridges accepting USDC are waiting for you.
They're new to Solana and X — give them a follow! pic.twitter.com/qJP4hbnoIW
Such partnerships underscore Solana’s increasing adoption and provide a strong foundation for further price gains.
Bullish Fractal and Price Outlook
Solana’s price analysis points to a bullish fractal pattern forming on the daily chart. This setup often hints at a trend reversal, where a lower low is followed by two higher lows, signaling an impending upward move. In SOL’s case, the pattern suggests a breakout target of $180, with potential further gains toward $200.
However, caution is warranted as the overall market remains volatile. The Relative Strength Index (RSI) has retreated into neutral territory, signaling possible selling pressure. A dip to $130 is possible before the uptrend resumes, particularly if the RSI drops below 50.
For traders, maintaining a stop-loss below $140 is essential to manage risk in this uncertain environment. A break below this level could expose SOL to further downside, testing the $120 support zone.
Solana is showing strong signs of recovery, backed by growing adoption and a bullish technical setup. While the $180 target is within reach, market conditions remain unpredictable. As always, traders should exercise caution, especially given the potential for further volatility.
With the right balance of strategic partnerships and technical support, Solana remains a cryptocurrency to watch in the coming weeks.
