Solana Breakout From Bullish Pattern Could ‘Send SOL To The Moon’ – Crypto Analyst
25 Outubro 2024 - 6:00PM
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Solana (SOL) has shown remarkable strength in recent weeks, surging
by 32% over the past fifteen days. This impressive price action has
positioned SOL as one of the top-performing assets, outpacing
Bitcoin and many other altcoins. Analysts and investors are
increasingly optimistic about Solana’s potential, with many
forecasting continued upward momentum in the weeks ahead. Notably,
prominent investor Carl Runefelt recently shared a technical
analysis on SOL, highlighting a breakout from a bullish pattern
that could signal massive gains for the cryptocurrency. Related
Reading: Number Of Bitcoin Bulls Increases As Funding Rate Shows
Steady Growth – Details With this breakout, price action remains
firmly bullish, indicating that the next major target for SOL is
around the $185 level, where it will encounter local supply. If
momentum holds, Solana could soon challenge this key resistance,
further solidifying its place as a leader in the current market
cycle. Solana Breaking Out Of Cup&Handle Pattern Solana is
breaking out from a classic “Cup & Handle” pattern, often
associated with strong bullish moves. This pattern has caught the
attention of top analyst Carl Runefelt, who recently shared his
technical analysis on X, indicating that Solana’s recent price
action aligns with a breakout from a descending channel.
According to Runefelt, this setup signals that Solana could be
ready for a significant upward move. He shared a chart with a
potential price target of $370, suggesting a substantial 115% surge
from current levels. Runefelt’s optimism stems from the Cup &
Handle pattern, where the price consolidates after an uptrend and
then forms a small dip (the handle) before breaking out. This
pattern is known to attract strong buyer interest, representing a
period of consolidation and momentum building. However, while
the breakout is promising, it may take some time to fully play out,
as the entire crypto market appears to settle before its next
significant move. Solana has consistently outperformed in this
cycle, with price action and volume reflecting sustained investor
interest. Related Reading: Dogecoin Liquidity Sweep Signals
DOGE Is Ready For A Rally With Solana pushing through key
resistance levels and establishing a solid foundation, the
potential for a bullish continuation is high. If the breakout
confirms and Solana’s momentum holds, the next weeks could see SOL
pushing into new heights, solidifying its position as a
top-performing altcoin and meeting investors’ bullish expectations
for substantial gains ahead. SOL Testing Crucial Supply
Solana is trading at $171, maintaining a strong uptrend with a
well-defined bullish structure over the past two weeks. This level
represents a key demand zone that previously acted as resistance,
signaling a potential for higher gains if the price holds steady. A
continued hold above $171 would support further bullish momentum,
potentially pushing SOL toward the next significant supply area at
$185. However, should SOL lose the $171 support, a retrace to
around $160 is likely. This level has been pivotal in the past
weeks, serving as a strong resistance point that capped previous
price attempts to rise, creating a solid foundation for renewed
bullish interest. A move down to $160 wouldn’t necessarily break
the overall uptrend but would offer an opportunity to consolidate
before the next push higher. Related Reading: Ethereum Bullish
Breakout Confirmed – Top Analyst Predicts $3,400 Target As
investors and traders watch these levels closely, the $171 mark
will be an immediate gauge of strength. Holding above it keeps the
uptrend intact, while a dip to $160 would still offer support for
Solana’s longer-term bullish outlook. SOL’s resilience in these
levels reflects the optimism surrounding the asset’s potential in
the weeks ahead. Featured image from Dall-E, chart from TradingView
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