Solana is trading around $140 ahead of this major event in September 2024

• Solana Breakpoint, a conference that brings together the SOL community to discuss the latest developments in Web3 is scheduled for September.
• The 2024 event will take place in Singapore on September 20-21.
• Solana is trading at $136.05 early Saturday, having erased nearly 11% of its value over the past seven days.

Solana holders are gearing up for the Breakpoint Conference, scheduled for September 20 and 21 in Singapore. SOL holders have their eyes open for the event as it brings together developers and the web3 project community from the Solana chain.

Solana rises to almost $140 before the key event

Solana is trading at $136.05 early on August 31 at the time of writing. The smart contract network token could extend losses by nearly 5% to sweep liquidity to support at $130. This is a key support level for the altcoin.

The MACD (Moving Average Convergence Divergence) indicator shows red histogram bars below the neutral line. SOL could extend losses into the fair value gap (FVG) between $119.06 and $125.61.

SOL/USDT Daily Chart

If Solana sees a daily candle close above key resistance at $148, it could invalidate the bearish thesis and SOL could extend gains to $160. It marks the 50% Fibonacci retracement level of the decline from the March 18 high of $210.18 to the August 5 low of $110.

Analysts expect Solana Breakpoint 2024 to serve as a catalyst for the bull run. A similar outcome to 2023 is expected, even though the meme coin engine that is the SOL chain, may have run out of steam. While memes have led gains in the first half of 2024, their performance is being overshadowed by other sectors and traders are likely to have become cautious in response to macroeconomic events.