Solana (SOL) ‘Could Go Parabolic’ Once It Breaks $200 Resistance – Analyst
30 Septembre 2024 - 1:30PM
NEWSBTC
Solana (SOL) is now trading around a crucial supply zone after an
impressive 26% surge since September 18, following the Federal
Reserve’s announcement of interest rate cuts. This sharp rally has
sparked optimism among analysts and investors, who hope Solana
could soon reach new all-time highs. Related Reading: SUI Ready To
Test $2 Resistance – Bullish Pattern Suggests New ATH Soon Many in
the crypto space believe Solana is primed for further gains, with
some expecting it to outperform the broader market in the coming
months. One prominent analyst, Carl Runefelt, has shared a
technical analysis on X, highlighting the potential for a parabolic
move once SOL breaks through its yearly high. With growing
attention to Solana’s strong fundamentals and technical strength,
the market is closely watching to see if SOL can maintain its
upward trajectory and deliver the explosive gains many
anticipate. As Solana hovers near these key levels, the next
few days could be critical in determining whether it will continue
its upward march or face renewed selling pressure. Solana To $200
Before New ATH Solana (SOL) is now testing a key liquidity area,
and investors are closely watching for the next price move. After a
bullish run over the past two weeks, many expect a surge that could
push SOL higher. However, some concerns remain that Solana might
underperform this cycle compared to other leading altcoins, which
have shown stronger market activity. Prominent crypto analyst Carl
Runefelt recently shared a detailed analysis on X, highlighting a
bullish “cup and handle” pattern forming in Solana’s price action.
This pattern, often seen as a signal for continued upward momentum,
has a clear resistance level of around $200. Runefelt believes that
once Solana breaks past this key level, the price could go
parabolic, with the next major target being the all-time high (ATH)
of around $260. In his analysis, Runefelt emphasizes that breaking
through the $200 resistance will be crucial for Solana’s price
action. Once this happens, he predicts a rapid and aggressive move
to new highs. The cup and handle formation is a classic bullish
continuation pattern frequently leading to sharp price increases,
suggesting that Solana could be set for a major breakout. Related
Reading: Dogecoin Could Target $0.20 Soon, Analyst Predicts – Is
DOGE Primed For A Rally? With the market sentiment still bullish
and Solana testing critical levels, the next few weeks could
determine whether the asset will achieve the explosive gains many
anticipate. SOL Testing Crucial Supply Solana (SOL) is trading at
$156, following a 13% move from last week’s lows. The price has
successfully reclaimed the daily 200 moving average (MA) at $154,
holding it as support—a bullish signal that could propel SOL to
higher levels shortly. However, SOL is facing resistance at the
$163 local high, where it has been struggling to break through.
Bulls need to push the price past this critical level to trigger a
rally toward the yearly high of around $210. This would further
strengthen the positive sentiment around Solana as investors and
traders look for confirmation of a larger upward move. On the
downside, if SOL fails to break past the $163 resistance, a
retracement to lower demand levels around $140 becomes more likely.
This would represent a critical test for the asset, as a failure to
hold support at these lower levels could weaken the bullish
momentum built over the past few weeks. Related Reading: Cardano
(ADA) Eyes 20% Price Surge – Funding Rate Suggests Increasing
Demand With SOL hovering near key levels, the next price move could
set the stage for a rally toward new highs or a deeper pullback.
Featured image from Dall-E, chart from TradingView
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