Solana (SOL) Ripe For Price Discovery, Analyst Eyes $600 Target
Market watchers have praised the Solana (SOL) price action throughout the month. The fifth-largest cryptocurrency by market capitalization has displayed a strong performance despite the market shakeouts, recently reclaiming the $160 support level. Analysts suggest that SOL might repeat history and kickstart a rally toward a new all-time high (ATH) soon.
Solana Breaks Out Of Consolidation Range
In August, Solanas strength was tested during the market retraces. Several analysts deemed SOL one of the strongest assets this month, noting its performance in the last three weeks.
SOLs price dropped over 30% during the first crash, falling to $110 before recovering. A week later, the token saw another retrace back to the $140 support level but maintained a sideways move between the $140-$155 range until Saturday.
Some market watchers claimed the token was in a great place to accumulate as it was still in the same sideways range, while the rest of the market made lower lows. Moreover, they predicted that Solana would take off as soon as Bitcoin (BTC) surged.
Since then, Bitcoins price has propelled 10%, hovering between the $63,000-$64,000 range over the weekend. SOL has also seen a favorable price action, soaring 13.9% in the last three days.
SOL broke above the $155 resistance level on Saturday after an 8% surge. The cryptocurrency continued its ascendant trajectory, reaching the $162 mark before retracing. Throughout the weekend, the token continued to move within this new range.
Is SOL About To Rally To $600?
Solanas recent performance has sparked a bullish sentiment among investors and experts. Some analysts have noted that holding the current levels could kickstart SOLs next leg up. Ali Martinez recently shared that the $164 resistance level was key for Solanas rally.
Per the analyst, the token has been shaping up for an Adam & Even pattern, which suggests a potential rise to $164. If the token were to clear that resistance, its price could see a 33% surge toward the $220 price range, a level not seen since late 2021.
Similarly, Altcoin Sherpa set the $165 resistance as a level to watch. Sherpa considers that SOL is moving within an interesting level but suggests that investors be patient for a break of $165.
According to the post, a break above this level could propel the price toward the $188 and $201 resistance levels. Meanwhile, a failed attempt could send the price to the previous range. However, Sherpa believes the cryptocurrency will solidly break its ATH price in Q4, regardless of the outcome.
Crypto analyst Jelle stated that SOL is looking more and more ready for expansion, especially against ETH. To Jelle, Solanas chart looks ripe for price discovery since it resembles SOLs performance three years ago.
Per the analyst, the token is holding above the RSI midlevel, while chopping around the 25-week EMA like in 2021. This performance was followed by a massive surge that drove the price to SOLs ATH of $259.
Based on this, Jelle considers that Solana is ready to rally toward a new ATH between the $450-$600 range this cycle. SOL is currently trading at $160, a 2% and $13.9% surge in the daily and weekly timeframes.
Source: NewsBTC.com
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