Solana is currently trading above the $140 mark, showing signs of strength as it prepares for a possible move to higher levels. After a modest 5% rise on Friday, investors and analysts are increasingly optimistic about the direction Solana could take in the coming months.
A prominent analyst, Carl Runefelt, shared a technical analysis predicting a 20% rise for SOL in the coming weeks, citing bullish patterns and favorable market conditions. Their analysis suggests that Solana could reach $176 by the end of the year if current momentum continues.
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However, Solana still faces important resistance levels that could challenge its upward trajectory. Despite the recent surge, some market participants are cautious given the general volatility in the crypto space. If Solana manages to hold its current support and break through resistance, the next few months could be crucial for the asset’s long-term price action.
He can SUN Capitalize on your recent gains and reach new highs, or will you struggle to maintain momentum in the face of market headwinds? Investors are eager to see how this plays out as we approach the end of the year.
Solana testing supply levels
Solana has been trading in the $210 to $110 range since mid-March, generating mixed opinions among investors. While some see this price action as a consolidation phase, others believe it could signal a future breakout. Notably, leading analyst and entrepreneur Carl Runefelt recently shared a technical analysis on Xrevealing a bullish triangle pattern forming for SOL.
According to Runefelt’s analysis, if Solana breaks out of this triangle pattern, it could experience a strong upward movement, potentially reaching $176 in the coming weeks. This would represent a significant increase from its current trading levels and an important milestone for SOL. The price has struggled to break the $160 resistance level since early August, but Runefelt suggests that a breakout of the triangle could push the price well beyond that resistance.
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A successful break above these critical levels would mean a 20% increase for Solana, with the bullish momentum potentially lifting it even higher. Investors are closely watching these moves, as a breakout could signal the end of Solana’s prolonged sideways trading and mark the start of a new upward trend. If SOL manages to maintain support and continue this recovery, it could soon test new highs and solidify its position as one of the best performing altcoins.
SOL Technical Analysis: Zones to Watch
Solana (SOL) is currently trading at $145 after a 7% rise from local lows of $135. The price managed to climb above the 200 daily exponential moving average (EMA) at $140, a key indicator of short-term trend strength. However, SOL is still 4% away from the crucial 200 moving average (MA) of $152, which represents a stronger, longer-term trend signal.
A breakout above the EMA and MA levels is essential for the bulls to fully regain control and regain the trend. Beating these indicators could pave the way for a move into the $160 supply zone, where sellers are expected to be more active. This would signal a continuation of the bullish momentum, with the potential for further gains.
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On the other hand, if the price fails to maintain above the $140 mark, this recent rise could be short-lived and a deeper correction could occur. A break below this level could take SOL to $110, which is a significant demand zone that buyers can defend. Traders are keeping an eye on these levels as the next few days will determine SOL’s short-term direction.
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