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Solana finally broke through a key resistance level that had kept the price down for months, giving new hope to investors. However, the outbreak has not yet been confirmed, leaving room for excitement and caution.
Famous analyst and investor Carl Runefelt recently shared a technical analysis on Solana, highlighting that the cryptocurrency is close to breaking out of a major bullish pattern. According to Runefelt, if the breakout takes hold, this setup could propel SOL to the $300 target in the coming months.
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The coming days will be critical for SOL as market sentiment and trading volume determine whether this pressure is a stable rally or a bull trap. For Solana to confirm this breakout, it must maintain its high momentum and establish support above previous resistance. Investors are keeping a close eye on these rates, as failure to hold them can lead to reversals.
However, if SOL cannot strengthen its position, it could start a strong rally to the upside. The outcome will shape Solana’s path as it tries to secure a place among the best-performing assets in the crypto market.
Solana Testing Crucial Supply
Solana is currently testing a critical supply level, the point that will drive SOL to new highs or return it to consolidation. After breaking through the $185 mark—a key price level that now needs to be held as support—Solana is poised for a significant move.
According to senior analyst Carl Runefelt, who shared his technical analysis on X, Solana appears to be emerging from a large Symmetrical Triangle, a popular chart pattern. In his opinion, a confirmed breakout above this level may cause a rapid increase to $300, a move he believes will “destroy the bears” and revive the bullish sentiment.
However, the coming days will be important in determining Solana’s direction, especially since the Federal Reserve’s interest rate decision will be announced today. If the Fed indicates a rate cut or keeps rates current, it could fuel the rally by increasing the sense of vulnerability in the market. A favorable position from the Fed could lead to increased buying pressure on SOL, pushing it beyond its recent highs.
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Conversely, if the $185 level fails to hold, the SOL may re-enter a consolidation phase, temporarily halting the upward momentum. For now, all eyes are on the Federal Reserve’s decision and how it can impact the broader market, which will play a key role in determining whether Solana’s bullish trajectory continues. A successful showing here would not only ensure momentum but could set the stage for Solana to challenge for $300 in the coming months.
SOL Technical Analysis
Solana is currently testing the last resistance at $190, a key level that could pave the way for a challenge to its annual high around $210. For the bullish momentum to remain intact, SOL needs to break through and hold this level as support. However, achieving this may take several days as the market continues to digest the impact of Donald Trump’s victory and awaits the Federal Reserve’s decision on interest rates.
If SOL fails to break above the $190 resistance, a consolidation phase between $180 and $190 could be healthy for price action. This range will allow the market to reassess and stabilize before making another upward attempt. However, it is important that the price stays above $180 during this rally. If SOL holds above this level, the rise could continue, with a possible push to annual highs.
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On the other hand, if the price falls below $180, it may indicate a change in momentum, putting the current rise at risk. For now, the bulls should manage by keeping SOL above $180 while the broader market awaits the Fed’s decision, which could influence risk sentiment and Solana’s next move.
Featured image from Dall-E, chart from TradingView
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