Solana’s price is set for a major breakout if it surpasses the $284 resistance.
An analyst predicts Solana could reach $340 by repeating a past bullish pattern.
Investor sentiment grows as Solana’s technical indicators show increasing upward momentum and strong price stability.
Solana (SOL) could rally to $340, according to analyst MartyPart, who cites fractal similarities to its January 2023 price movement. The analysis shared on December 17, 2024, shows Solana trading at $226.41, signaling a potential surge. Rising volume, technical support, and historical price action form the basis of the forecast.
Source: Marty Party
The analyst referenced a detailed 3-day SOL/USDT chart shared by GerryByrne27 on TradingView. MartyPart suggests a bullish trajectory, expecting SOL to mirror its explosive Q1 2024 breakout. Major resistance is marked at $284, a level SOL must breach to validate the move toward $340.
Solana’s Current Price Action and Technical Momentum
Solana’s price currently trades near $226.41, supported by increasing investor volume of 40.09M. The daily range fluctuates between $218.19 and $228.41, showcasing strong upward momentum.
Key indicators, including the Bollinger Bands, reveal growing price volatility. Expanding Bollinger Bands often suggest upcoming significant price action. Solana remains above mid-Bollinger support, further confirming strength.
Moreover, MartyPart identifies a historical fractal pattern from January 2023. The current trajectory mirrors the past, projecting a similar parabolic move. This analysis places a clear upside target of $340 in early 2025, provided resistance levels are cleared.
Key Resistance and Support Levels for SOL
Resistance remains a critical aspect of Solana’s future price action. MartyPart’s chart identifies $284 as the first major resistance. Breaking this level is essential to validate a move toward the $340 target.
Support levels are equally to protect against downside risk. The nearest support lies at $201, followed by $186 and $172. A more extended safety net exists at $124.80, providing multiple layers of protection for traders.
These levels reflect SOL’s resilience despite previous corrections. Historical price behavior confirms that a clear breakout often leads to sustained momentum. Therefore, traders are closely monitoring the $284 zone for confirmation of a bullish breakout.
Community Sentiment and Market Reactions
The post by MartyPart has sparked widespread discussion across social media. The analysis, viewed over 27.5K times, continues to draw significant reactions.
Notably, some users remain skeptical. One user commented, SOL is losing steam! If you’re buying now, you’re going to get dumped on.
Despite doubts, the analysis earned praise from others, with one comment simply stating, “Art.” This divide reflects the typical market sentiment before significant price movements occur.
Could Solana repeat its early 2024 rally and achieve $340? The answer hinges on breaking key resistance and maintaining momentum. MartyPart’s technical breakdown offers a structured outlook, giving traders vital insights into SOL’s price behavior.
