The price of Solana (SOL) shows clear bullish momentum, with analysts predicting that breaking above $260 could push it to $300, or even $400, this week.
Over the past 24 hours, Solana's price ranged between $247.09 and $234.15, but currently, it trades at $237, reflecting a slight 1.08% decline from a key resistance level.
Will Solana Continue Its Upward Trend?
Solana's recent price performance aligns with strong on-chain metrics, indicating a positive trend.
According to Coinglass, Open Interest (OI) reached a record high of $5.45 billion, showing growing investor interest and higher liquidity.
Additionally, DefiLlama reports that Solana's weekly trading volume surged to $41.60 billion, its highest level since 2020.
The platform also generated transaction fees totaling $49.64 million, highlighting increased network activity.
Technical Analysis Suggests Potential for a New All-Time High
Technical charts indicate that Solana has room for continued growth.
A bullish cup-and-handle formation appears on the monthly chart, which historically has a 95% success rate for achieving further gains.
According to analyst Titan of Crypto, breaking its previous all-time high could push Solana's price up to $400.
In the short term, key resistance levels are identified at $260 and $278. If Solana breaks above these levels, a rally toward $300 could follow. Strong support currently lies at $220.
Solana vs. Ethereum
According to crypto researcher Aylo, Solana has the potential to outperform Ethereum. Aylo stated that if Solana hits a new all-time high against Bitcoin, it will achieve something Ethereum couldn't during the last cycle.
Bullish Flag Pattern Signals Further Gains
Solana exhibits a bullish technical pattern known as a bull flag, which typically indicates the continuation of an upward trend:
Breaking above $260, the upper boundary of the flag, could trigger a significant rally.
Conversely, losing support at $220 could invalidate the bullish scenario.
Although the RSI has dipped to 53, signaling weakening momentum, analysts remain optimistic.
Price Targets from Analysts
Analysts believe Solana is in a 5-wave cycle, which could push its price to $360 in the coming months. If the price falls below $212, it could signal a larger correction, but the overall outlook remains bullish.
Crypto market observer Miles Deutscher speculates that Solana might repeat its 2021 growth pattern, which could lead to long-term targets as high as $780.
Conclusion
Solana's price is approaching key milestones this week. Breaking above $260 could pave the way for new highs, while strong support at $220 provides stability. Solana is currently at a critical juncture, which will determine its future trajectory.
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