Solana Could Go Parabolic Starting Today Analyst Sets $370 Target
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 Solanas next potential moves.
Top analyst and investor Carl Runefelt recently shared valuable insights on Solanas 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 Solanas price action gains momentum. Solanas 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 Solanas 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.
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 markets 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 wouldnt surprise investors. Such a pullback could provide a stronger foundation for SOLs continued bullish momentum.
The overall market sentiment remains optimistic, with many cryptocurrencies experiencing upward movement, which could further fuel Solanas 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
Source: NewsBTC.com
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