Prominent analyst World of Charts informed his 35.8k followers that SOL is presently experiencing a horizontal resistance level that, should it be broken, may result in additional gains.
Furthermore, Solana’s (SOL) price is challenging significant resistance levels, indicating a likely breakthrough and potential spike in the upcoming weeks.
The analyst stressed that Solana might have a substantial upswing and even hit new highs if it breaks past the trendline barrier.
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Show more +Show less – Solana Chart Analysis: Bullish Flag Pattern Points to Uptrend
Solana is presently producing a bullish flag pattern on the chart, which typically signals that the prior uptrend will continue.
The SOL price has been consolidating in this pattern’s descending parallel channel following an earlier upward surge. The lower trendline of the flag provides support, and the top trendline works as a level of resistance.
SOL is now testing the horizontal resistance in the $155–160 price range. A breakout above this level could confirm the flag pattern, potentially leading to a strong rally. The SOL chart shows that if the price can surpass this barrier, the first target would be the trendline at around $178-$182, as suggested by the technical analysis and the tweet from World of Charts.
Image Source: X/WorldofCharts Key Support and Resistance Levels Identified
Several key support and resistance zones are visible on the chart, helping to outline the current market structure for SOL. Support levels are found at the lower trendline of the flag, around $110-$120, which has served as a strong buffer against downward pressure multiple times over the year. Additionally, short-term support exists around the $130 mark, providing a cushion if the price faces any pullback.
On the resistance side, the horizontal zone near $155-$160 remains critical. If SOL can break through this level, it will aim to test the trendline resistance at $178-$182. A successful breakout above the upper trendline could signal a broader bullish trend with the potential for higher gains.
World Of Charts further elaborates on the potential for SOL’s price to reach higher targets. He stated that once the upper trendline of the bullish flag is cleared, Solana could move toward higher levels, with a potential target of $400 in the coming months.
This target suggests strong buying momentum, and the market could see a significant surge if bullish sentiment continues.
SOL’s recent performance has placed it among the top 10 gainers in the market today, signaling renewed interest from traders and investors. This positive momentum could help propel SOL past its current resistance, allowing for continued upward movement.
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Solana’s Current Market Position
Solana has been steadily gaining traction in the market, reflecting a strong recovery phase. The token has been building momentum over the past few months, aiming to reclaim higher price levels.
The analysis points to a clear structure, indicating that a breakout could lead to significant gains. However, if the price fails to overcome the resistance zones, it may see a return to the support levels at $130 or lower.
The analysis by World Of Charts aligns well with the technical observations, as both highlight the importance of breaking the horizontal resistance to unlock further potential. With SOL currently among the top market gainers, investors will be watching closely to see if the token can clear its hurdles and move towards higher targets.
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