Solana (SOL) has finally broken out of the $160 resistance level, a key level that has been holding prices down since early August. This breakout indicates that the uptrend has been confirmed, and investor excitement is building as Solana continues to move higher. As the market shows newfound optimism, analysts are setting bullish price targets for Solana’s next potential move. Top analyst and investor Carl Runefelt recently shared valuable insights into Solana’s prospects, boldly predicting that Solana could reach $370 in the coming months. He believes that once Solana breaks out of its current high-timeframe bullish pattern, the altcoin will be poised for a significant rally. Investors are closely watching for confirmation of this bullish trend, anticipating further gains in Solana’s stock price as its price action strengthens. Solana’s recent breakout and positive market sentiment suggest it will perform strongly in the short term.
Solana is preparing for a rebound
Solana is about to take action, potentially reaching annual or even historical highs. The overall market's optimistic outlook continues to suggest that SOL will make positive progress in the coming months.
Cryptocurrency analyst Carl Runefelt recently shared a technical analysis on X, indicating that Solana may begin a parabolic trend starting today. He emphasized that SOL is breaking out of a massive cup and handle pattern, which is a typical bullish formation that usually appears on higher time frames. If this pattern materializes, Solana could rebound to a potential target of $370.
The cup and handle pattern is known for reliably indicating strong price movements, especially when the cup and handle completes and breaks upward. For Solana, this breakout could lead to significant gains, pushing prices to new highs. As the cryptocurrency market continues to maintain momentum, SOL investors are optimistic about potential price surges in the coming days.
With bullish sentiment surrounding Solana, the coming weeks may become crucial in determining whether SOL can maintain its trajectory of reaching new highs. If Solana breaks through and benefits from the market's bullish sentiment, investors could see substantial returns.
SOL tests supply
Solana has successfully broken through the key resistance level of $160, currently trading at $166. However, it encounters resistance in the supply area at $171. This level was a minor support level at the end of July and has now become a resistance level.
If SOL successfully breaks through this resistance level, the next target will be a higher supply level (around $188), where investors may take profits or reposition.
Although recent price movements indicate strong performance, a healthy pullback to test the previous resistance level of $160 as a support level would not surprise investors. Such a pullback could provide a more solid foundation for SOL's continued bullish momentum.
Overall market sentiment remains optimistic, with many cryptocurrencies showing upward trends, which could further drive Solana's price movement.
If SOL holds above $160, it may confirm the next round of rebound, preparing Solana for a surge in the coming weeks. Breaking through the resistance level of $171 is crucial to determining whether SOL can maintain its bullish trajectory.
