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Solana price likely to see a dip before SOL triggers upswing to $240 – FXStreet

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A brief technical and on-chain analysis on Solana price. Here, FXStreet's analysts evaluate how SOL could be bound for further gains.
 

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Bitcoin price is showing a bear flag fractal form on a lower timeframe, forecasting a 30% crash. A breakdown of the $30,000 psychological level from a weekly time frame would further help the bears’ case. The macro bearish outlook could face invalidation if BTC produces a higher high above $52,000.
Terra's LUNA 2.0 price has dipped below $5, crashing by more than 60% over the past week. The Layer 1 token reached a low of $4.50 and it is hovering around $4.80 at the time of writing. Further selling pressure could send LUNA 2.0 price to retest May 28's low at $3.50. 
Safemoon price has been in a correction mode for more than a week and is approaching a reversal zone. While this downswing will alleviate the sell-side pressure, it will also allow sidelined buyers to jump in and trigger another leg-up.
Cardano price witnessed impressive returns last week as the altcoin underwent an explosive upswing. ADA was among other altcoins, that rallied the previous week and are now undergoing a retracement in preparation for the next leg-up.
Bitcoin price has been consolidating since the May 12 crash and has stayed relatively flat from a macro standpoint. As a result of this consolidation, BTC could be preparing for a volatile move that will shock investors.
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An Open Source activist, who pursues his passion for tech blogging. In early years of his life, he worked as market analyst for a number of companies. Martin has been writing reviews and articles for a local magazine for last five years.