Solana (SOL) is currently trading above $150 after days filled with uncertainty and testing of key demand levels. The altcoin has experienced a 13% increase since last Thursday, displaying signs of resilience amidst market fluctuations. Presently, Solana is merely 5% below the significant $160 resistance level, which it has not exceeded since early August. This resistance serves as a crucial juncture for SOL; successfully surpassing it could instigate a considerable bullish trend.
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Renowned analyst and investor Carl Runefelt has provided a technical analysis that indicates Solana is developing a bullish pattern. According to his insights, if SOL manages to break above this formation, it may trigger a dramatic surge, possibly reaching new all-time highs. As traders closely watch this resistance, the upcoming days will be vital in shaping Solana’s price trajectory.
Investors are keen to see if SOL can break through and ignite a wider rally or if it will face rejection and enter a phase of consolidation. With rising momentum, Solana’s price movements are capturing significant attention in the cryptocurrency market.
Solana Analyst Anticipates New ATH Soon
Solana is nearing the key $160 resistance level after a 4% increase in recent hours. Analysts and investors are closely observing this development as the entire crypto market recovers from local lows, positioning Solana to potentially follow suit.
The cryptocurrency has risen 13% since last Thursday, sitting just 5% shy of breaking the pivotal $160 resistance, a mark it has not breached since early August. The growing positive sentiment in the market is prevalent across social media platforms, with increasing speculation surrounding Solana’s forthcoming price movements.
Notable crypto investor and analyst Carl Runefelt recently shared his technical analysis of Solana on X. In his overview, Runefelt underscores that Solana is establishing a bullish pattern which could indicate a monumental breakout if the price surpasses the $160 barrier.
According to Runefelt, a breakout that leads Solana to new all-time highs would be substantial once it surpasses the upper boundary of this bullish triangle.
The $160 zone has consistently acted as a critical resistance level, having pushed Solana’s price down on three occasions since early August. As Solana approaches this vital threshold once more, many investors are hopeful for a breakout that will generate significant upward momentum.
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Nonetheless, failing to overcome this resistance could lead to a phase of consolidation, with traders seeking more robust confirmation for the next big move.
The next few days will be critical for Solana, as the market anticipates confirmation of either a breakout or further consolidation. Should the bulls break through the $160 resistance, it could set Solana on a path toward new highs, reigniting interest and momentum in this altcoin.
SOL Supply Zone on the Verge of Breaking
Solana (SOL) is currently trading at $153 following a slight rise above the daily 200 moving average (MA) at $151. This upward movement is a significant development for SOL, as remaining above this crucial indicator is viewed as a positive sign for potential future growth. If the price can sustain above the 1D 200 MA, it may lead to a direct challenge of the important $160 resistance level.
A successful close above the $160 mark would enable traders to target yearly highs near $210, which would attract momentum-seeking traders and investors in the altcoin market. On the other hand, should Solana fail to maintain its position above the daily 200 MA, a retracement to lower demand zones around $140 is expected.
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Remaining above the 1D 200 MA will be essential for determining SOL’s short-term trajectory. Investors are closely watching these levels, as they could indicate either a continuation of the bullish momentum or a potential trend reversal, leading to increased volatility in the forthcoming days.
Featured image from Dall-E, chart from TradingView
