Solana (SOL) finally broke the $160 resistance, a critical level that has kept the price low since early August. This breakout signals a confirmed uptrend, sparking excitement among investors as Solana continues to rise.
With the market showing renewed optimism, analysts have set optimistic price targets for Solana’s potential next moves.
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Leading analyst and investor Carl Runefelt recently shared valuable insights into Solana’s prospects, boldly predicting that Solana could reach $370 in the coming months. He believes the altcoin is poised for a significant rally once Solana breaks out of its current high-term bullish pattern.
Investors are watching for confirmation of this uptrend, anticipating further gains as Solana price action gains momentum. Solana’s recent breakout and positive market sentiment suggests strong performance soon.
Solana prepares for a rally
Solana is on the verge of a shift, potentially reaching annual or even all-time highs. The bullish outlook across the market continues to signal positive gains for SOL in the coming months.
Crypto analyst Carl Runefelt recently shared a technical analysis on Xstating that Solana could go parabolic starting today. He highlights that SOL is breaking out of a huge Cup & Handle pattern, a classic bullish formation often seen on higher time frames. Solana could rise towards a potential target of $370 if this pattern plays out.
The Cup & Handle pattern is known for its reliability in signaling strong price movements, especially when the handle completes and breaks upwards. In the case of Solana, this breakout could lead to substantial gains, pushing the price to new highs. As the crypto market continues to rally, SOL investors are optimistic about the potential price rise in the coming days.
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With the bullish sentiment surrounding Solana, the next few weeks could be crucial in determining whether SOL can maintain its trajectory towards new highs. Investors could earn significant returns if Solana breaks out and benefits from bullish market sentiment.
Providing SOL tests
Solana trades at $166 after successfully breaking above the key $160 resistance level. However, it faced rejection at the $171 supply zone. This level previously acted as minor support in late July and now it is resistance.
If SOL manages to break above this resistance, the next target would be a higher supply level (around $188), where investors will likely take profits or reposition.
While recent price action suggests strength, a healthy pullback to test previous $160 resistance as support would not surprise investors. Such a pullback could provide a stronger foundation for SOL’s continued bullish momentum.
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Overall market sentiment remains bullish, with many cryptocurrencies experiencing upward movements, which could further fuel Solana’s price action.
If SOL holds above $160, it could confirm the next rally, positioning Solana for a rise in the coming weeks. Breaking the $171 resistance will be key in determining whether SOL can maintain its upward trajectory.
Featured image of Dall-E, TradingView chart