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As of January 18, SOL’s price is undergoing a crucial test at the upper trendline, signaling a potential breakout resembling a bull flag pattern. Bull flags, characterized by a downward-sloping channel (flag) following a significant upward movement (flagpole), often lead to an upward surge when the price breaks above the channel’s upper trendline. If this pattern holds, Solana could witness a breakout towards $194, indicating an approximately 80% increase from the current levels by March.

 

 

The recent approval of spot Bitcoin ETFs on January 11 has ignited optimism within the industry, suggesting that other cryptocurrencies, including Solana, might also secure approval for a spot ETF in the near future.

 

 

 

Forecasts of a dovish Federal Reserve present an additional catalyst for a potential increase in Solana prices in the upcoming months. According to the CME’s Fed futures fund rate projections, there is a 59.5% probability of a 25 basis point interest rate cut in the United States by March 2024, further contributing to the positive outlook for Solana’s value.

 

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