š„ Solana Eyes $200 Breakout: Is a Parabolic Run to $263 Imminent?
Is Solana ($SOL ) ready for a bull run to its all-time high with an emerging breakout event for 2025?
With Bitcoin rebounding significantly in the last 24 hours, the altcoin segment is gaining momentum. Amid improving conditions for altcoins, Solanaās market price has increased by 2.17% over the past 24 hours.
Despite negative returns over the past 7 and 13 days, Solana maintains a market cap of $94 billion. As it slips under BNB coin to occupy the sixth-largest cryptocurrency spot, Solana is approaching the psychological $200 mark, signaling the potential for a new breakout rally.
šø #SOL Price Analysis
In the 4-hour chart, Solanaās price trend showcases a bearish influence. However, the underlying support indicates several technical signals pointing to a potential reversal rally.
For instance, it shows a descending broadening wedge pattern, typically considered bullish, increasing the likelihood of a breakout.
The price trend within the pattern suggests a bullish reversal from the support trend line. Additionally, the reversal forms an Adam and Eve pattern with a neckline near the $198 level.
Slightly below the $200 psychological mark, a breakout above the neckline could trigger an explosive parabolic rally. Furthermore, the recovery has surpassed the 50-EMA line and the 23.6% Fibonacci level at $196.36.
During the recovery, the 4-hour RSI has remained above the 50% level, indicating increased buying pressure. Moreover, sustained support above the 50-EMA line on the 4-hour chart enhances the chances of an uptrend continuation.
As a result, the technical indicators are gradually signaling a buying opportunity for Solana in the short term.
šø #Solana Price Targets
The technical patterns and the recovery rally suggest that Solana could rise to test the overhead resistance near $215. Optimistically, a bullish breakout from the broadening wedge pattern could propel the uptrend to $263 by January 2025.
