Solana (SOL) is trading above $150 after several days of volatility and testing key demand levels. The altcoin has gained 13% since last Thursday, showing signs of strength amid market volatility. Solana is now just 5% away from major resistance at $160, a key level it has not surpassed since early August. This resistance level marks a pivotal point for SOL, as a break above this level could trigger a significant upside move.

Top analyst and investor Carl Runefelt shared a technical analysis that shows Solana forming a bullish pattern. According to his analysis, if SOL breaks through this pattern, it could lead to a strong rally and potentially a new all-time high. As traders closely watch this resistance level, the next few days will be crucial in determining Solana’s future price action.

Investors are eager to see whether SOL can break out and create a broader rally or whether it will face rejection and enter a consolidation phase. With the momentum growing, Solana’s price movements are in the spotlight in the cryptocurrency market.

Solana Analyst Predicts New ATH Will Be Reached Soon

Solana is approaching a key resistance level of $160 after surging 4% in the past few hours. Analysts and investors are paying attention as the entire crypto market recovers from local lows and Solana is now poised to follow this trend.

The cryptocurrency has gained 13% since last Thursday and is just 5% away from the key resistance level of $160, a level it has not surpassed since early August. The growing market optimism is reflected on social media platforms, where speculation about Solana's future price action is growing.

Prominent cryptocurrency investor and analyst Carl Runefelt recently shared his technical analysis of Solana on X. In his analysis, Runefelt highlighted that Solana is forming a bullish pattern, which could signal a major breakout if the price breaks above the $160 resistance level.

According to Runefelt, Solana's rally to a new record high would be significant if it breaks the upper boundary of this ascending triangle pattern.

The $160 area has proven to be a key resistance level, pushing Solana price up three times since early August. As Solana moves closer to this important level once again, many investors are optimistic that the price will break this level this time, leading to significant bullish momentum.

However, if this resistance level is not broken, the price is likely to decline, as traders look for stronger confirmation of the next big move.

The coming days will be crucial for Solana, as the market eagerly awaits confirmation of a breakout or further consolidation. If bulls break above the $160 resistance, this could pave the way for Solana to head towards new highs, sparking renewed interest and momentum in the altcoin’s price.

SOL Supply Zone is About to Be Broken

Solana (SOL) is trading at $153 after a slight rise above its 200-day moving average (MA) at $151. This bullish move marks a crucial moment for SOL, as a breakout above this key indicator is seen as a positive sign for potential gains in the future. If the price can maintain its position above the 200-day MA, it could pave the way for a direct rally towards the important resistance level at $160.

A successful close above $160 would open the doors for a challenge to the yearly high around $210, attracting traders and investors looking for momentum in the altcoin. However, if Solana fails to maintain its position above the 200-day MA, investors expect a pullback to lower demand levels around $140.

Staying above the 1D 200 MA will be crucial in determining the short-term direction for SOL. Investors are closely watching these levels as they could signal a continuation of the bullish momentum or a potential reversal, leading to increased volatility in the coming days.