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Solana is currently trading above $140 and showing signs of strength as it prepares for a possible move to higher levels. After a modest 5% gain on Friday, investors and analysts are increasingly optimistic about the direction Solana could take in the coming months.
A prominent analyst, Carl Runefelt, has shared a technical analysis predicting a 20% upside for SOL in the coming weeks, citing bullish patterns and favorable market conditions. His analysis suggests that Solana could reach $176 by the end of the year if current momentum continues.
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However, Solana still faces key resistance levels that could challenge its upward trajectory. Despite the recent surge, some market participants are cautious given the overall volatility in the crypto space. If Solana manages to hold its current support and break through resistance, the coming months could be crucial for the asset’s long-term price action.
Can SOL capitalize on its recent gains and reach new highs, or will it struggle to maintain momentum despite market headwinds? Investors are curious to see how this will play out as we approach the end of the year.
Solana tests supply levels
Solana has been trading within a range of $210 to $110 since mid-March, sparking mixed views among investors. While some see this price action as a consolidation phase, others think it could signal an impending breakout. In particular, top analyst and entrepreneur Carl Runefelt recently shared a technical analysis on Xrevealing a bullish triangle pattern for SOL.
According to Runefelt’s analysis, if Solana were to break out of this triangle pattern, it could experience a sharp upward move, potentially reaching $176 in the coming weeks. This would mark a significant increase from current trading levels and a major milestone for SOL. The price has struggled to break the $160 resistance level since early August, but Runefelt suggests that a breakout from the triangle could push the price well past this resistance.
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A successful break above these critical levels would mean a 20% upside for Solana, with bullish momentum potentially pushing the price even higher. Investors are watching these moves closely as a breakout could spell the end of Solana’s long-standing sideways trading and mark the start of a new uptrend. If SOL can maintain support and continue this rally, it could soon test new highs and solidify its position as one of the best performing altcoins.
SOL Technical Analysis: Zones to Watch
Solana (SOL) is currently trading at $145, after rising 7% from local lows at $135. The price has managed to rise above the daily 200 exponential moving average (EMA) at $140, a key indicator of the strength of the short-term trends. However, the SOL is still 4% away from the crucial 200 moving average (MA) of $152, representing a stronger longer-term trend signal.
A breakout above both the EMA and MA levels is essential for bulls to fully regain control and reclaim the trend. Surpassing these indicators could pave the way for a move towards the $160 supply zone, where sellers are expected to be more active. This would indicate a continuation of bullish momentum, with potential for further gains.
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On the other hand, if the price fails to hold above $140, this recent rise could be short-lived and a deeper correction could follow. A break below this level could send SOL lower to $110, which is a key demand zone that buyers can defend. Traders are keeping a close eye on these levels as the coming days will determine SOL’s near-term price.
Featured image of Dall-E, chart from TradingView
