Solana (SOL) Consolidates in Symmetrical Triangle – Analyst Reveals $160 Target On Breakout
25 Setembro 2024 - 2:30PM
NEWSBTC
Solana (SOL) is now trading at a critical juncture following last
week’s market surge. The token has climbed over 20% from its recent
local lows, now testing a crucial supply level around $150.
Related Reading: XRP $0.60 Triangle Breakout Could Ignite Parabolic
Rally – Key Levels To Watch This resistance zone has drawn the
attention of analysts and investors, with many believing Solana is
on the verge of a rally to higher price levels. Among those who are
bullish on SOL is prominent analyst Carl Runefelt, who recently
shared a detailed analysis, predicting that Solana could reach new
highs within days if the current momentum continues. As the broader
market continues to gain strength, investors are eagerly awaiting
Solana’s next move. A successful breakout above $150 could signal a
confirmed uptrend, paving the way for a potential rally. However,
the coming days will be pivotal for SOL as it approaches this key
level, with the market closely watching whether it will reclaim
higher ground or face renewed resistance. Solana Bullish Pattern
About To Break Solana (SOL) is currently testing crucial
supply levels that could pave the way for a significant rally to
higher prices. After days of consolidation, the altcoin looks ready
to break out and confirm a daily uptrend. Many analysts and
investors are closely watching for the next move. This potential
shift comes as the entire crypto market has turned from fear to
optimism, spurred by the Federal Reserve’s recent decision to cut
interest rates, which has breathed new life into the market.
Analyst Carl Runefelt, one of the prominent voices in the crypto
space, has shared his technical analysis on X, revealing that
Solana has formed a symmetrical pattern. According to Runefelt, if
SOL breaks out of this pattern, it could trigger a substantial
upward move, with price targets around $160. The symmetrical
triangle, a key technical formation, typically signals a strong
price movement after a prolonged period of consolidation. Related
Reading: Crypto Analyst Predicts Dogecoin Will Surge 1,000% Past
ATH – Price Targets Revealed As Solana hovers near this critical
level, the market eagerly awaits confirmation of a breakout.
Investors expect a move above $150, confirming the uptrend and
likely leading to higher price levels in the coming weeks. For now,
all eyes remain on Solana’s ability to break through this
resistance and potentially rally to new heights. SOL Technical
Analysis: Price Levels To Watch Solana (SOL) is currently trading
at $150 after testing the daily 200 moving average (MA) at $154 as
resistance. This key technical level has kept the price in check,
and SOL is now entering a consolidation phase. Investors are
optimistic, and rising demand could soon trigger a breakout from
this consolidation. To keep momentum, SOL must reclaim the 1D 200
MA and target new highs beyond $164. This price has worked as a
crucial resistance; if broken, it would confirm the continuation of
a daily uptrend. A successful breakout at this level could push SOL
toward even higher prices, potentially setting the stage for a run
to challenge its all-time highs. Related Reading: SUI Price Sits
40% Below All-Time High As TVL Approaches $1 Billion However,
failure to break above the daily 200 MA could signal a shift in
sentiment. In this case, SOL could retrace to key support levels,
with potential targets around $140 or even lower. This would
indicate a short-term correction before another attempt at
reclaiming higher price levels. Investors are closely watching
SOL’s next moves to determine the coin’s near-term direction.
Featured image from Dall-E, chart from TradingView
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