Solana Eyes $180 If Weekly Candle Closes Above $120, Analyst Predicts

Solana rose from $130 to $133 before pulling back to $128, still up 9% over the past seven days.
Analysts forecast a rally to $180 if SOL closes above $120 weekly resistance.
Open Interest rose 8.13% with $14M in short liquidations, signaling bullish market sentiment.

Solana (SOL) began trading at $130 on April 13 and advanced past $133 in the early hours of the session, supported by a broader market recovery in the crypto market. However, the rally lost steam, pulling the price back down to around $128. Despite the pullback, it has recorded a nearly 9% gain over the past seven days and a 3.35% increase over the past month, indicating underlying bullish sentiment.

Analyst Momin has expressed a positive outlook on Solana, forecasting a potential price rally towards $180 in the near term. He emphasized the importance of the weekly close, stating: If we see $SOL close above $120 on weekly, expecting it to visit $180 in coming weeks! According to Momin, achieving this technical milestone could act as a catalyst for a sustained price increase.

Additionally, Momin shared a chart that shows it has broken above the upper boundary of a descending trendline. This breakout is considered by market observers as a sign of strengthening bullish momentum, potentially paving the way for a price movement towards $257 if current conditions continue.

Source: Momin

Solana Poised for Multi-Week Climb

Another analyst, Ansem, has supported a similar forecast, predicting that Solana could experience a 39.53% increase, taking it up to $180. Ansems analysis, based on the daily timeframe, also places significant importance on a decisive weekly close above the $120 level. Should Solana achieve this, he suggested that a multi-week rally may follow, which could eventually lead to new all-time highs.

In a separate update published on April 13 on CoinMarketCap, analyst Lingrid pointed out that it has exited a falling channel on the 4-hour chart. I expect $SOL to continue to grow, she stated, reinforcing the prevailing view among market analysts that the current technical conditions support further upside.

Source: CoinMarketCap

The derivatives market has also reflected heightened interest in Solana. Open Interest in the asset increased by 8.13%, pointing to greater participation from market traders. Meanwhile, $19.34 million in positions were liquidated over the last 24 hours, with $14 million of those stemming from short positions. This sharp imbalance indicates short covering activity, which may contribute to increased volatility and price gains.

Furthermore, the Open Interest-weighted funding rate for Solana stands at 0.0064% on an 8-hour interval. This positive rate shows a slight premium for long positions, reinforcing the broader bullish outlook among derivatives traders.

Source:

Solanas Indicators Signal Uptrend Ahead

Solanas technical indicators further align with this market sentiment. The asset is nearing the upper range of the Keltner Channel at $145.37 after reclaiming the midline at $122.85. Its movement away from the lower consolidation range near $100.32 suggests a reversal in trend and a possible continuation of upward momentum.

The MACD recently registered a bullish crossover supported by a strengthening histogram. The Relative Strength Index (RSI) currently reads at 51.89, which reflects a neutral-to-bullish stance. The RSIs recent move above its signal line suggests a building upward trend.

Source: CoinMarketCap

The Chaikin Money Flow (CMF) also turned slightly positive, recording a reading of 0.01. Although this level is not yet strong, it does indicate a shift toward capital inflow, supporting the broader case for a sustained recovery..

With multiple technical and market signals aligning, analysts continue to maintain a positive outlook on Solana. A decisive close above $120 could confirm the beginning of a broader rally, potentially pushing the price as high as $180 in the coming weeks.

Text source: TronWeekly

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