Crypto analyst Jelle shared insights pointing to a bullish trajectory for Solana (SOL), suggesting it could surge beyond $200. According to Jelle’s analysis, Solana has broken out from a long-term downward trendline.
Moreover, this move signals a shift in momentum. The analyst highlights Solana’s price movements as it hovers above $185.34, approaching critical resistance levels.
Breakout Signals a Potential Trend Reversal
Solana’s daily chart on highlights a pivotal breakout above a descending trendline that has constrained its price movements throughout most of 2024.
Jelle analysis shows how the breakout above this trendline reflects a potential reversal from a bearish to bullish trend. With Solana now trading around $185.34, the breakout suggests renewed buyer confidence, which may sustain further price gains.
$SOL breaking out to new highs.Bring on $200+ pic.twitter.com/rsJesECYOX
— Jelle (@CryptoJelleNL) November 6, 2024
The downward trendline acted as a barrier across multiple failed attempts to break higher, but the recent move indicates a stronger conviction among buyers. As Solana consolidates near this breakout point, bullish sentiment is driving up demand, supporting the likelihood of continued upward momentum.
Key Support and Resistance Levels in Focus
The chart accompanying Jelle’s tweet identifies significant support and resistance zones that could influence Solana’s next price moves.
Key support is observed between $140 and $158, an area where buying activity has historically been strong, especially during the downtrend. This zone served as a foundation for the recent breakout, with Solana’s price swiftly advancing to new levels.
On the upside, Solana faces resistance in the $185 to $200 range, with $200 highlighted as the next psychological target. Breaking above this level could set the stage for further gains, as $200 serves as both a technical resistance and a focal point for market sentiment, driven by optimistic forecasts.
Bullish Momentum Builds as SOL Targets $200+
The breakout above the trendline and subsequent price action at $185.34 demonstrate increasing momentum for Solana. The chart analysis reveals bullish signals, with buyers showing strong interest in the current levels, aligning with Jelle’s forecast of a push toward $200 and beyond.
Jelle’s tweet captures this sentiment, indicating that the latest breakout may be the start of a more sustained upward trend. As Solana eyes $200, the bullish momentum could attract additional traders, aiming to capitalize on the growing market demand.
Read also: Cardano (ADA) Price to Spike 50% If This Key Resistance Breaks
Market Data Confirms Solana’s Uptrend
Supporting this optimistic outlook, CoinGecko reports Solana’s price at $188.11 with a 24-hour trading volume of $11.57 billion. This recent activity marks a 12.96% gain in the last day and a 6.43% increase over the past week.
The trading volume reflects heightened interest among buyers, reinforcing Jelle’s forecast as Solana nears the critical $200 mark.
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