Solana Bullish Pattern Holds; Crypto Analyst Targets $200
Solana is strengthening as it breaks over $171, a crucial supply-and-demand level. Holding above might lead to a surge in the coming weeks for bulls.
Crypto expert and investor Carl Runefelt recently released a technical analysis showing that Solana's price behavior is optimistic if it maintains support above this level.
Solana's ability to flip resistance into support suggests rising demand, which might spur additional gains.
If SOL stays above $171, a protracted upswing may be possible. Investors will definitely watch Solana's price dynamics, as a drop below this level might affect one of crypto's most promising assets.
Top investor Carl Runefelt recently discussed X, emphasizing Solana's head and shoulders motif.
As long as SOL continues above the neckline, Runefelt's chart analysis predicts positive momentum and a short-term target price of $202.
If the positive trend continues, investors and traders are eyeing $202 as a goal. Runefelt's research shows that the neckline is a key support level that might boost buying activity. Any breach below this neckline might change momentum and prompt a more cautious attitude.
The SOL Price Action
At $172, Solana (SOL) is slowly rising into a higher supply zone. SOL bulls must break $180 barrier to keep momentum. Breaking this $180 barrier might cause FOMO (fear of missing out) purchasing, driving the price higher. Traders who consider a clean breakthrough as a signal for future gains may be interested in this psychological milestone.
Maintaining this positive trend is crucial. SOL may retrace to lower demand zones if it cannot sustain support above $171. This might send SOL back to support levels around prior lows, stalling progress.
As traders and investors wait, the next movements around $171 and $180 are crucial. Solana's price movement may continue to strengthen if it breaks $180. A loss below $171 would indicate weakness, signaling a retreat in the recent gain.
