After a brief pullback, Solana’s price has established support at the $163 level and is currently trading around $168. The cryptocurrency is once again nearing a critical resistance level of $170, which has proven challenging for the token in the past month.
Despite the recent price volatility, the bullish outlook for Solana remains robust among analysts. Many are predicting new all-time highs exceeding the previous peak of $259, which was achieved in November 2021.
Analysts Anticipate a Potential Bullish Breakout
In the last 24 hours, Solana has seen a rebound of nearly 3%, although trading volume has decreased by approximately 2%, as per data from CoinGecko. This drop in volume suggests that, despite some profit-taking, bullish investors remain interested, especially following the recent pullback.
Crypto analyst Byzantine General has observed that buying pressure appears to be increasing at lower support levels, with traders eager to take advantage of the dips in Solana’s price in the near future.
Looking at bullish forecasts, Captain Faibik recently indicated in a post on X (formerly Twitter) that Solana is set for a “bullish pennant” breakout after a lengthy consolidation observed on the 3-day SOL/USDT chart.
Faibik believes that a successful breakout from this pattern could drive Solana to a new all-time high of $400 during the current bullish cycle, which is anticipated to persist at least until the first quarter of 2025. However, this forecast is somewhat restrained compared to the more ambitious prediction from market expert Crow.
How Solana’s Price Could Hit $800
In a different social media post, Crow suggested that the Solana price could potentially increase by about 400% during this bull run, reminiscent of the previous price movements during the 2021 uptrend.
The expert pointed out that the last bull cycle included two notable phases: the ascent from $3 to $50, and another leap from $25 to $250. He observes that Solana has surged from $16 to $200 this time and anticipates a potential rise from $200 to $800.
While these bullish forecasts are optimistic, it is crucial to understand that bull cycles do not typically unfold in a linear fashion. Historical data supports this, as Solana has experienced significant corrections of over 20% on August 5 and September 6, respectively.
To effectively navigate these price fluctuations, analyzing SOL’s daily chart and identifying key support levels is vital. If these levels are upheld by bullish investors, they could help mitigate further declines.
Should a deeper correction occur, the first critical support level to monitor is the $160 mark, with additional support levels at $153 and $145.
However, the most significant support lies in the $127 range. This level has proven robust throughout the token’s consolidation in recent months, effectively curbing any further price drops and protecting the crucial $100 threshold.
Featured image from DALL-E, chart from TradingView.com
