Solana (SOL) finally broke above the $160 resistance level, a key level that has held the price down since early August. This breakout signals a confirmed uptrend, sparking excitement among investors as Solana continues to surge higher.
With the market showing renewed optimism, analysts set bullish price targets for Solana’s next potential moves.
Leading analyst and investor Carl Runefelt recently shared valuable insights on Solana's prospects, boldly predicting that Solana could hit $370 in the coming months. He believes that the altcoin will see a significant rally once Solana breaks above its current high-timeframe bullish pattern.
Investors are watching closely for confirmation of this bullish trend, anticipating further gains as Solana’s price action accelerates. Solana’s recent breakout and positive market sentiment point to a strong performance in the short term.
Solana prepares for a protest
Solana is on the verge of a move, potentially reaching a yearly or even all-time high. The bullish outlook across the market continues to signal positive gains for SOL in the coming months.
Cryptocurrency analyst Carl Runefelt recently shared a technical analysis on X, stating that Solana could go parabolic starting today. He noted that SOL is breaking out of a large Cup & Handle pattern, a classic bullish pattern often seen on higher time frames. Solana could rally to a potential target of $370 if this pattern plays out.
The Cup & Handle pattern is known for its reliability in signaling strong price movements, especially when the handle completes and breaks out to the upside. In the case of Solana, this breakout could result in a significant increase, pushing the price to new highs. As the cryptocurrency market continues its bullish momentum, SOL investors are optimistic about the possibility of a price increase in the coming days.
Given the bullish sentiment surrounding Solana, the next few weeks could be crucial in determining whether SOL can maintain its trajectory toward new highs. Investors could see significant gains if Solana breaks out and benefits from the bullish market sentiment.
Provide SOL testing
Solana is trading at $166 after successfully breaking above the key resistance level of $160. However, it faced rejection at the supply zone of $171. This level previously acted as minor support in late July and is now acting as resistance.
If SOL breaks above this resistance, the next target would be a higher supply level (around $188) where investors are likely to take profits or reposition.
While recent price action shows strength, a healthy pullback to test the previous resistance level of $160 as support would not surprise investors. Such a pullback could provide a stronger foundation for SOL's continued upside momentum.
The overall market sentiment remains bullish, with many cryptocurrencies trending upwards, which could further fuel Solana’s price action.
If SOL holds above $160, it could confirm further upside, positioning Solana for a rally in the coming weeks. Breaking above the $171 resistance level will be crucial in determining whether SOL can maintain its bullish trajectory.