Solana Breakout From Bullish Pattern Could Send SOL To The Moon Crypto Analyst
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 Solanas 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.
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 Solanas 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.
Runefelts 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.
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 Solanas 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 wouldnt necessarily break the overall uptrend but would offer an opportunity to consolidate before the next push higher.
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 Solanas longer-term bullish outlook. SOLs resilience in these levels reflects the optimism surrounding the assets potential in the weeks ahead.
Featured image from Dall-E, chart from TradingView
Text source: NewsBTC
