Solana Will Target New ATHs Once It Breaks $160 Resistance – Analyst
14 Oktober 2024 - 11:30PM
NEWSBTC
Solana (SOL) is trading above $150 after days of uncertainty and
testing critical demand levels. The altcoin has surged 13% since
last Thursday, showing signs of strength amid market volatility.
Now, Solana is just 5% away from the $160 key resistance, a crucial
level it hasn’t surpassed since early August. This resistance marks
a pivotal point for SOL, as breaking above it could trigger a
significant bullish move. Related Reading: Active Dogecoin
Addresses Reach Highest Level In 8 Months – Is DOGE About To Rally?
Top analyst and investor Carl Runefelt has shared a technical
analysis suggesting that Solana is forming a bullish pattern.
According to his analysis, if SOL breaks above this pattern, it
could lead to a massive surge and potentially reach new all-time
highs. As traders closely monitor this resistance level, the next
few days will be crucial for determining Solana’s future price
action. Investors are eager to see if SOL can break through and
spark a broader rally or if it will face rejection and enter a
consolidation phase. With momentum building, Solana’s price
movements are at the center of attention in the crypto market.
Solana Analyst Predicts New ATH Soon Solana is approaching the
critical $160 resistance level after a 4% surge in the past few
hours. Analysts and investors are paying close attention as the
entire crypto market rebounds from local lows, and Solana is now
poised to follow this trend. The cryptocurrency has gained
13% since last Thursday and is 5% away from breaking the key $160
resistance, a level it hasn’t surpassed since early August. The
market’s growing optimism is reflected across social media
platforms, where speculation about Solana’s future price action is
mounting. Prominent crypto investor and analyst Carl Runefelt
recently shared his technical analysis of Solana on X. In his
analysis, Runefelt highlights that Solana is forming a bullish
pattern, which could signal a massive breakout if the price breaks
above the $160 resistance. According to Runefelt, Solana’s
surge to new all-time highs would be substantial once it breaks the
upper boundary of this bullish triangle pattern. The $160 zone has
proven to be a key resistance level, pushing Solana’s price thrice
since early August. As Solana moves closer to this critical level
again, many investors are optimistic that the price will break
through this time, leading to significant upside momentum.
Related Reading: Dogecoin Could Break Yearly Highs ‘Any Moment Now’
– Crypto Analyst However, a failure to breach this resistance could
result in consolidation, with traders looking for stronger
confirmation of the next big move. The coming days will be crucial
for Solana, as the market eagerly awaits confirmation of a breakout
or further consolidation. If bulls break above the $160 resistance,
it could pave the way for Solana to target new highs, driving
renewed interest and momentum in the price of the altcoin. SOL
Supply Zone About To Break Solana (SOL) is trading at $153 after a
modest surge above the daily 200 moving average (MA) at $151. This
upward movement marks a significant moment for SOL, as being above
this crucial indicator is seen as a positive sign for potential
future gains. If the price can maintain its position above the 1D
200 MA, it could pave the way for a direct push toward the key $160
resistance level. A successful close above $160 would open the door
to a challenge of yearly highs around $210, enticing traders and
investors looking for momentum in the altcoin. However, if Solana
fails to maintain its position above the daily 200 MA, investors
anticipate a retracement to lower demand levels around $140.
Related Reading: XRP Will Jump 75% If It Holds Current Demand Level
– Details Staying above the 1D 200 MA will be crucial in
determining the short-term direction for SOL. Investors are closely
monitoring these levels, as they could signal either a continuation
of the bullish momentum or a potential reversal, leading to
increased volatility in the coming days. Featured image from
Dall-E, chart from TradingView
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