Solana (SOL) is now trading at a critical juncture following last week’s market surge. The token is up over 20% from its recent local lows, now testing a crucial supply level around $150.
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This resistance zone has caught the attention of analysts and investors alike, with many believing that Solana is on the verge of a recovery to higher price levels. Among those who are bullish on SOL is prominent analyst Carl Runefelt, who recently shared a detailed analysis predicting that Solana could reach new highs within days if the current momentum continues.
As the broader market continues to gain momentum, investors are eagerly awaiting Solana’s next move. A successful breakout above $150 could signal a confirmed uptrend, paving the way for a potential recovery. However, the next few days will be crucial for SUN as it approaches this key level, with the market watching closely whether it will reclaim higher ground or face renewed resistance.
Solana Bullish Pattern About to Break
Solana (SOL) is currently testing crucial supply levels that could pave the way for a significant recovery to higher prices. After days of consolidation, the altcoin looks ready to break out and confirm a daily uptrend.
Many analysts and investors are closely monitoring the next move. This potential shift comes at a time when the entire crypto market has shifted from fear to optimism, spurred by the Federal Reserve’s recent decision to cut interest rates, which has breathed new life into the market.
Analyst Carl Runefelt, one of the prominent voices in the crypto space, shared his technical analysis onrevealing that Solana has formed a symmetrical pattern. According to Runefelt, if SOL breaks out of this pattern, it could trigger a substantial upward move, with price targets around $160.
The symmetrical triangle, a key technical formation, typically signals a strong price move after a prolonged period of consolidation.
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As Solana hovers near this critical level, the market is eagerly awaiting confirmation of a breakout. Investors are expecting a move above $150, confirming the uptrend and likely leading to higher price levels in the coming weeks. For now, all eyes remain on Solana’s ability to break through this resistance and potentially reach new highs.
SOL Technical Analysis: Price Levels to Watch
Solana (SOL) is currently trading at $150 after testing the 200 daily moving average (MA) at $154 as resistance. This key technical level has kept the price in check and SOL is now entering a consolidation phase. Investors are optimistic and increased demand could soon trigger a breakout from this consolidation.
To maintain momentum, SOL must reclaim the 1D 200 MA and reach new highs beyond $164. This price has acted as a crucial resistance; if broken, it would confirm the continuation of a daily uptrend. A successful breakout at this level could take SOL prices even higher, potentially setting the stage for a run that would challenge its all-time highs.
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However, failure to break above the 200 daily moving average could signal a shift in sentiment. In this case, SOL could return to key support levels, with potential targets around $140 or even lower. This would indicate a short-term correction before another attempt to reclaim higher price levels. Investors are closely monitoring SOL’s next moves to determine the coin’s direction in the short term.
Featured image of Dall-E, chart from TradingView