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Solana (SOL) finally broke through the $160 resistance, the critical level that has been driving the price lower 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 bullish price targets for Solana’s next potential moves.
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Senior analyst and investor Carl Roenfeldt recently shared valuable insights into Solana’s outlook, boldly predicting that Solana will reach $370 in the coming months. He believes the altcoin is poised for a major rally once Solana breaks above the current bullish pattern of the high time frame.
Investors are closely watching confirmation of this uptrend, anticipating further gains as Solana’s price action gains momentum. Solana’s recent breakout and positive market sentiment point to a strong performance soon.
Solana prepares for the rally
Solana is on the verge of making a move, potentially hitting yearly or even all-time highs. Bullish outlooks across the market continue to point to positive gains for SOL in the coming months.
Cryptocurrency analyst Karl Roenfeldt recently Share technical analysis on Xindicating that Solana could go parabolic starting today. It highlights that SOL is breaking out of a massive cup and handle pattern, a classic bullish formation often seen on higher time frames. Solana price could rise towards a potential target at $370 if this pattern holds.
The cup and handle pattern is known for its reliability in indicating strong price movements, especially when the handle completes and breaks upward. In Solana’s case, this breakout could lead to significant gains, pushing the price to new highs. As the cryptocurrency market continues to build momentum, SOL investors are optimistic about the potential price rise in the coming days.
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And with bullish sentiment surrounding Solana, the next few weeks could be crucial in determining whether SOL can maintain its trajectory toward new highs. Investors could see big returns if Solana takes off and capitalizes on bullish market sentiment.
SOL test supply
Solana is trading at $166 after successfully breaking the key resistance level of $160. However, it faced rejection at the $171 supply zone. This level served as minor support in late July and is now resistance.
If SOL can break above this resistance, the next target will be a higher supply level (around $188), where investors will likely take profits or reposition.
While the recent price action suggests strength, a healthy rebound to test the previous $160 resistance as support would not surprise investors. Such a pullback could provide a stronger foundation for SOL’s continued upward momentum.
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The overall market sentiment remains optimistic, with several cryptocurrencies seeing upward movement, which could increase Solana’s price action.
If SOL settles above $160, that could confirm the next rally, putting Solana on a bullish trend in the coming weeks. A breakout of the $171 resistance level will be crucial in determining whether SOL can maintain its upward trajectory.
Featured image by Dall-E, chart from TradingView