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Solana finally broke through the crucial resistance level that had kept the price low for several months, sparking new optimism among investors. However, the hack has not yet been confirmed, leaving room for both excitement and caution.
Noted analyst and investor Karl Roenfeldt recently shared technical analysis on Solana, highlighting that the cryptocurrency is on the verge of breaking out of a massive bullish pattern. According to Runefelt, if the breakout continues, this setup could push SOL towards the $300 target in the coming months.
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The coming days will be crucial for SOL as market sentiment and trading volume determine whether this push is a sustained rally or a bull trap. For Solana to confirm this breakout, he must maintain his upward momentum and establish support above the previous resistance level. Investors watch these levels closely, as failure to hold them could lead to a bounce.
However, if SOL can consolidate its position, it could start a strong rally towards new highs. The outcome will shape Solana’s trajectory as it attempts to secure its place among the best-performing assets in the cryptocurrency market.
Solana tests critical supplies
Solana is currently testing the critical supply level, the area that will push SOL to new highs or push it back into the consolidation phase. After surpassing the $185 level – a key price level that now needs to be held as support – Solana is preparing for an important move.
According to senior analyst Carl Roenfeldt. Who shared his technical analysis on XSolana appears to be exiting a massive symmetrical triangle, a well-known bullish chart pattern. In his view, a confirmed break above this level could trigger a quick rally to $300, a move he believes would “destroy the bears” and reactivate bullish sentiment.
However, the coming days will be crucial in determining Solana’s direction, especially since the Fed’s interest rate decision is scheduled to be announced today. If the Fed signals a rate cut or maintains current interest rates, it could fuel the rally by boosting risk-on sentiment in the market. A favorable environment from the Fed may increase buying pressure on SOL, pushing it beyond its recent highs.
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Conversely, if the $185 level fails to hold, SOL may once again enter a consolidation phase, temporarily halting the upward momentum. For now, all eyes are on the Fed’s decision and how it could impact broader market sentiment, which will play a crucial role in determining whether Solana’s upward trajectory continues. A successful breakout here would not only confirm strength, but could pave the way for Solana to challenge $300 in the coming months.
Sol technical analysis
Solana is currently testing the final resistance level at $190, a crucial level that could pave the way for a challenge to the yearly highs at $210. For the bullish momentum to remain intact, SOL needs to break above this level and hold this level as support. However, achieving this could take several days as the market continues to digest the impact of Donald Trump’s victory and awaits the Federal Reserve’s decision on interest rates.
If SOL fails to break through the $190 resistance level, a consolidation phase between $180 and $190 could be healthy for the price action. This range will allow the market to reevaluate and stabilize before making another attempt to move higher. However, it is important that the price stays above the $180 mark during this consolidation. If SOL settles above this level, the uptrend could continue, with the potential to push it towards yearly highs.
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On the other hand, if the price drops below $180, it could signal a shift in momentum, putting the current uptrend at risk. For now, the bulls must maintain control by keeping SOL above $180 while the broader market waits for the Fed’s decision, which could impact risk sentiment and Solana’s next move.
Featured image by Dall-E, chart from TradingView