Analysts Think Solana Could ‘Go Nuts’ As SOL Price Retests $160 Resistance
28 September 2024 - 11:30AM
NEWSBTC
Solana (SOL) broke above a key resistance level on Friday, fueling
the bullish sentiment that reignited over a week ago. As a result,
some analysts think the fifth-largest cryptocurrency by market
capitalization could be about to see a massive bull run as
“Uptober” approaches. Related Reading: Ethereum: Analyst Sets
$2,820 As ETH’s Next Key Level to Watch, Here’s Why Solana Retests
$160 Resistance Solana’s rally started last week following the
market surge driven by the US Federal Reserve’s rate cuts. The jump
pushed the cryptocurrency’s price above the $140 resistance level,
successfully turning it into support. SOL had failed to break above
this key level throughout the past month, consolidating between the
$130-$139 price range. This performance alarmed many investors and
market watchers, who considered the cryptocurrency was in danger of
facing a massive correction. Since the bullish catalyst, Solana has
seen a 23% surge, breaking above the $150 barrier this week. Some
analysts asserted that reclaiming this mark would propel the price
toward the next key resistance level. On Friday, Solana broke above
the crucial resistance level for the first time in a month, hitting
$160 for the first time since late August. As of this writing, SOL
reached a daily high of $160.68, momentarily holding the above the
key level. This performance was seemingly fueled by the “bullish
vibes” surrounding the early release from prison of Binance’s
founder Changpeng Zhao (CZ). The expectation of his release further
inspired a bullish market sentiment among investors, driving SOL’s
4% jump in an hour and Bitcoin’s price to $66,000. Is SOL Price
About To “Go Insane”? Analyst Crypto Horn Harris noted Solana’s
price action on the weekly chart, claiming it “looks nothing short
of insane right now.” He underscored that SOL’ retested the
Relative Strength Index (RSI) “properly” while doing a “perfect
reset” of the 50-day Moving Average (MA). To the analyst, this
performance hints that the cryptocurrency will challenge the
cycle’s high above $200 and move to higher targets soon.
WiseAnalyze claimed that SOL’s price “is still very low,”
suggesting that investors still can “jump on that trend.” The
trader set his target for the cycle’s final breakout at $400, “but
it might grow higher.” However, he didn’t rule out the possibility
of another rejection, with a pullback to the $108-$120 support
zones. Similarly, Matthew Dixon also forecasted a retrace for
Solana. The analyst believes a pullback is due, as multiple
indicators suggest the correction. However, the “jury is out on the
scope of the decline.” Dixon stated that SOL’s price targets will
depend on whether “the price action from the low is in the form ABC
Or 123.” But “either way, the retrace is likely.” Related Reading:
Memecoin Sensation Popcat Hits New All-Time High After Surge To $1
Crypto analyst Byzantine General considers SOL’s chart to look
“pretty crazy.” The trader highlighted that Solana appears to be
printing an Adam and Eve (A&E) double-bottom pattern, with the
confirmation line around the $160 price range. Based on this,
Solana’s price “could go really nuts,” as it has the potential for
a breakout toward the $200 resistance level if it successfully
reclaims the key support level. Featured Image from Unsplash.com,
Chart from TradingView.com
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