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Solana (SOL) has shown remarkable strength in recent weeks, rising 32% over the past fifteen days. This impressive price action has positioned SOL as one of the best performing assets, surpassing Bitcoin and many other altcoins.
Analysts and investors are increasingly optimistic about Solana’s potential, with many predicting that the bullish momentum will continue in the coming weeks. Notably, prominent investor Carl Runefelt recently shared a technical analysis on SOL, highlighting a breakout from a bullish pattern that could mean huge gains for the cryptocurrency.
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With this breakout, price action remains solidly bullish, indicating that the next big target for SOL is around $185, where it will encounter local supply. If momentum continues, Solana could soon challenge this key resistance and further solidify its position as a leader in the current market cycle.
Solana breaks out of the cup and handle pattern
Solana breaks away from the classic ‘Cup & Handle’ pattern, which is often associated with strong bullish moves. This pattern has caught the attention of top analyst Carl Runefelt recently shared his technical analysis on XThis indicates that Solana’s recent price action is in line with a breakout from a descending channel.
According to Runefelt, this setup indicates that Solana could be poised for significant upside. He shared a chart showing a potential price target of $370, indicating a substantial upside of 115% from current levels.
Runefelt’s optimism stems from the Cup & Handle pattern, where price consolidates after an uptrend and then forms a small dip (the handle) before breaking out. This pattern is known to generate strong buyer interest, representing a period of consolidation and momentum building.
However, while the breakout is promising, it may take some time to fully develop as the entire crypto market appears to be settling down before the next major move. Solana has consistently outperformed in this cycle, with price action and volume reflecting continued investor interest.
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Now that Solana has breached key resistance levels and established a solid foundation, the potential for bullish continuation is high. If the breakout continues and Solana’s momentum continues, SOL could soar to new heights in the coming weeks, solidifying its position as the top-performing altcoin and meeting investors’ optimistic expectations for substantial gains.
SOL test of critical offering
Solana is trading at $171 and maintaining a strong uptrend with a well-defined bullish structure over the past two weeks. This level represents a key demand zone that previously acted as resistance, signaling the potential for higher profits if the price remained stable. A continued hold above $171 would support further bullish momentum, potentially pushing SOL into the next key supply area at $185.
However, should SOL lose the USD 171 support, a return to around USD 160 is likely. This level has been crucial in recent weeks, serving as a strong resistance point that capped previous price gains, laying a solid foundation for renewed bullish interest. A drop to $160 would not necessarily break the overall uptrend, but would provide an opportunity to consolidate before the next surge.
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While investors and traders keep a close eye on these levels, the $171 mark will be an immediate gauge of strength. Staying above will keep the uptrend intact, while a dip to $160 would still provide support for Solana’s longer-term bullish outlook. SOL’s resilience at these levels reflects optimism about the asset’s potential in the coming weeks.
Featured image of Dall-E, chart from TradingView
