Solana Coin$SOL
(SOL) Analysis: Could Test $260 All-Time Record in Three Months if Regains $141.82
In the short term, it seems possible that SOL could reach $176.07. However, a pullback to $129.77 could prevent the rally. Solana managed to reach a historic high of $260 in 2021. If SOL reaches this level again, it could retest the all-time high of $260.
Earlier in the year, the SOL price surpassed $200, sparking speculation that it would reach record levels. However, the price soon dropped by 36%, leading to speculation that the cryptocurrency had reached a cycle peak.
The signals on the weekly chart suggest that there is no downside. Solana recently broke through the $141.82 support. This was similar to August 2021 when the price rose by 82% to reach $260 in November 2021.
The Relative Strength Index (RSI) on the chart shows that it has broken above the falling trend line in the bull market. If historical performance continues, the price could reach and perhaps surpass $260 in the next three months.
Solana’s active addresses recently reached an all-time high. This increase indicates that the number of participants in successful transactions is increasing, thus indicating a rising demand for SOL. As network activity increases, the price of SOL is likely to rise as well.
On the daily chart, Solana’s price has the potential to break the $151.99 resistance soon. Exponential Moving Average (EMA) indicators show that the 50 EMA (yellow) is still above the 20 EMA (blue), suggesting that SOL has not entered a full bullish phase. If the shorter EMA breaks above the longer EMA, SOL’s rally could surpass the $144.64 support.
Accordingly, Solana’s next target price could be around $176.07. If this level is confirmed, the token could head towards $194.08, paving the way for SOL to reach $260. However, if the price pulls back to $129.77, this prediction could be invalidated. In such a case, Solana’s price could drop to $129.77.
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