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Solana (SOL) finally broke above the resistance of $160, a critical level that has held the price down since the beginning of August. This breakout shows a confirmed upside, sparking investor interest as Solana continues to climb.
As the market shows renewed optimism, analysts are setting bullish price targets for Solana’s potential next moves.
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Senior analyst and investor Carl Runefelt recently shared important information about Solana’s outlook, boldly predicting that Solana could reach $370 in the coming months. He believes the altcoin is set for a significant rally if Solana breaks above the current high-term bullish pattern.
Investors are eagerly awaiting confirmation of this trend, expecting further gains as Solana’s price action gains momentum. Solana’s recent exit and positive market sentiment suggest strong performance in the near term.
Solana Prepares for the Meeting
Solana is on the verge of a move, possibly reaching an annual or all-time high. The bullish sentiment across the market continues to point to SOL’s positive gains in the coming months.
Crypto analyst Carl Runefelt recently shared a technical analysis on X, saying that Solana could be parabolic starting today. He highlights that the SOL is breaking out of a major Cup & Handle pattern, a classic bullish formation that is often seen at higher periods. Solana may converge to a target around $370 if this pattern plays out well.
The Cup & Handle pattern is known for its reliability in showing strong price movements, especially when the handle finishes and breaks upwards. In Solana’s case, this breakout could lead to huge profits, driving the price higher. As the crypto market continues to gain momentum, SOL investors are hoping for a possible price increase in the coming days.
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With the bullish sentiment surrounding Solana, the next few weeks could be crucial in determining whether SOL can maintain its upward trajectory. Investors could see significant returns if Solana pans out and benefits from market sentiment.
SOL Testing Supply
Solana is trading at $166 after successfully breaking above the key 160 resistance level. However, it faced rejection at the $171 supply area. This level previously served as minor support in late July and is now resistance.
If SOL manages to break this resistance, the next target will be the high supply level (around $188), where investors may take profits or reposition.
While recent price action is bullish, a healthy retracement of the previous $160 resistance test as support would not surprise investors. Such a pullback would provide a solid foundation for continued SOL momentum.
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The overall market outlook remains positive, as many cryptocurrencies are rising, which may drive Solana’s price action.
If SOL holds more than $160, it can guarantee the next meeting, setting Solana up for surgery in the coming weeks. Breaking the $171 resistance will be crucial in determining whether SOL can maintain its bullish trajectory.
Featured image from Dall-E, chart from TradingView
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