Solana Could ‘Go Parabolic’ Starting Today – Analyst Sets $370 Target
22 Outubro 2024 - 12:00AM
NEWSBTC
Solana (SOL) has finally broken above the $160 resistance, a
critical level that has held the price down since early August.
This breakout signals a confirmed uptrend, sparking excitement
among investors as Solana continues to push higher. With the
market showing renewed optimism, analysts set bullish price targets
for Solana’s next potential moves. Related Reading: Ethereum Upside
Target Around $2,800 As Price Tests Key Resistance Top analyst and
investor Carl Runefelt recently shared valuable insights on
Solana’s outlook, boldly predicting that Solana could reach $370 in
the coming months. He believes that the altcoin is set for a
significant rally once Solana breaks above its current high
timeframe bullish pattern. Investors are closely watching for
confirmation of this bullish trend, anticipating further gains as
Solana’s price action gains momentum. Solana’s recent breakout and
positive market sentiment suggest a strong performance shortly.
Solana Prepares For A Rally Solana is on the verge of a move,
potentially reaching yearly or even all-time highs. The bullish
outlook across the market continues to signal positive gains for
SOL in the coming months. Crypto analyst Carl Runefelt
recently shared a technical analysis on X, stating that Solana
could go parabolic starting today. He highlights that SOL is
breaking out of a massive Cup & Handle pattern, a classic
bullish formation often seen on higher timeframes. Solana could
rally toward a potential target of $370 if this pattern plays out.
The Cup & Handle pattern is known for its reliability in
signaling strong price movements, particularly when the handle
completes and breaks upward. In Solana’s case, this breakout could
lead to substantial gains, pushing the price to new highs. As the
crypto market continues with momentum, SOL investors are optimistic
about the potential price surge in the coming days. Related
Reading: Dogecoin Breaks Above $0.12 Level – Time For DOGE To Catch
Up? With the bullish sentiment surrounding Solana, the next few
weeks could be crucial in determining whether SOL can maintain its
trajectory toward new highs. Investors may see significant returns
if Solana breaks out and benefits from the market’s bullish
sentiment. SOL Testing Supply Solana trades at $166 after
successfully breaking above the key $160 resistance level. However,
it faced rejection at the $171 supply zone. This level previously
acted as minor support in late July and is now a resistance.
If SOL manages to break above this resistance, the next target
would be a higher supply level (around $188), where investors are
likely to take profits or reposition. While the recent price action
suggests strength, a healthy retrace to test the previous $160
resistance as support wouldn’t surprise investors. Such a pullback
could provide a stronger foundation for SOL’s continued bullish
momentum. Related Reading: Bitcoin Breaking Out Of 7-Month
Accumulation Channel: Expert Predicts Further Upside The overall
market sentiment remains optimistic, with many cryptocurrencies
experiencing upward movement, which could further fuel Solana’s
price action. If SOL holds above $160, it could confirm the next
rally, positioning Solana for a surge in the coming weeks. Breaking
through the $171 resistance will be critical in determining whether
SOL can maintain its bullish trajectory. Featured image from
Dall-E, chart from TradingView
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