After a brief pullback, Solana price found support at the $163 mark and is currently trading at approximately $168. The cryptocurrency is again approaching a significant resistance level of $170, which has posed a challenge for the token last month.
Despite recent fluctuations, bullish sentiment around Solana remains strong among analysts. Many are projecting new highs above the previous record of $259 set in November 2021.
Analysts Watch Potential Bullish Breakout
In the last 24 hours, Solana has recovered almost 3%, although trading volume has fallen by around 2%, according to data by CoinGecko. This drop in volume indicates that despite some profit taking, bullish investors continue to show interest, especially after the recent pullback.
Crypto analyst Byzantine General has observed This buying pressure appears to be strengthening at lower support levels, with traders eager to capitalize on the short-term declines in Solana’s price.
Looking at bullish predictions, Captain Faibik recently suggested in a social media post on
Faibik believes a successful breakout of this pattern could propel Solana to a new all-time high of $400 in the current bullish cyclewhich is expected to last until at least the first quarter of 2025. However, this forecast is somewhat conservative compared to market expert Crow’s more audacious forecast.
How Solana Price Could Reach $800
On a separate social media publishCrow indicated that Solana’s price could rise approximately 400% during this bull run, recalling previous price actions from the 2021 uptrend.
The expert highlighted that the last bull cycle presented two distinct phases: the rise from US$3 to US$50 and another jump from US$25 to US$250. He notes that Solana progressed from US$16 to US$200 this year. time and predicts a possible rise from US$200 to US$800.
Despite optimistic forecasts, it is important to recognize that bull cycles typically do not progress in a straight line. Historical data illustrates this point, with Solana experiencing retracements of more than 20% on August 5 and September 6, respectively.
To effectively navigate these fluctuations, it is essential to analyze the SOL daily chart and identify key support levels that, if held by optimistic investors, could help prevent further declines.
In the event of a deeper correction, the first crucial support level to watch is the $160 mark. support levels are identified at $153 and $145.
The most significant support, however, is located in the $127 zone. This level has proven resilient throughout the token’s consolidation phase over the past few months, effectively halting further price declines and safeguarding the critical $100 mark.
Featured image of DALL-E, chart from TradingView.com