Solana price broke above $190 at the start of this week and is now up 6% today.
We already reported last week that Solana flipped BNB to become the 4th largest crypto globally, so Solana holders do have reasons to be happy as we prepare for August.
YouTuber “Tyler Hill,” who has almost 100k subscribers, updated his Solana price forecast in his latest video.
Solana (SOL) recently broke out from a significant resistance level after facing challenges and building support zones. This breakout is a critical indicator of potential bullish trends.
A back test occurred where the price returned to the previous resistance level, now acting as support. This successful back test validates the breakout, confirming that the bulls are maintaining strength.
Unlike fakeouts, where prices fall back into the structure leading to significant declines, SOL maintained its breakout level, reducing the chances of a negative reversal.
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Show more +Show less – Solana Price Forecast – Targets
Despite the breakout, the analyst does not expect SOL to immediately surge to $200. The 4-hour RSI shows lower highs, indicating possible near-term struggles and potential pullbacks.
However, with the successful back test, the likelihood of SOL falling back into the previous structure is around 19-24%. This reduced risk boosts confidence in the current bullish trend.
The analyst has accumulated more SOL, although not a big amount, as the opportunity for upside movement has increased. This strategy reflects a cautious yet optimistic outlook.
The analyst is more bullish on SOL due to the increased probability of a sustained upward move. Even if the price consolidates or moves sideways, the chances of a significant price increase remain high. With the current momentum, the analyst foresees potential price targets of $200, $210, and even $230. However, these targets are dependent on how the market evolves.
Read also: Analysts Predict XRP Price Rally – Ripple’s Coin Expected to ‘Breakout’ This Week
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