Solana Holds Weekly Support At $180 – Analyst Expects $330 Mid-Term
Solana (SOL) is going through a tumultuous period after the index experienced a sharp 33% correction from its all-time high of $264 in late November. Despite the sharp correction, Solana has shown resilience, providing investors with a promising long-term outlook.
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Renowned cryptocurrency analyst Carl Runefelt recently shared his insights on X, highlighting SOL’s compelling technical setup. According to Runefelt, Solana has successfully retested a giant triangle pattern on the weekly time frame. This crucial retest suggests that Solana’s price action remains intact and could serve as a springboard for significant gains in the near term.
While the broader market correction has weighed on short-term sentiment, Solana’s ability to maintain structural integrity during the downturn offers bulls a glimmer of hope. If SOL can maintain its current level And building momentum, it could soon regain lost ground and carve its way to new highs. Analysts are keeping a close eye on how Solana responds to this key technical signal, as it could define the altcoin’s trajectory in the coming weeks.
Solana Holds Bullish Structure
Despite a 30% retracement from its all-time highs, Solana (SOL) maintains a bullish structure on higher time frames, signaling long-term strength. That resilience has analysts and investors optimistic about Solana’s potential to outperform once the market regains momentum. Known for its strong fundamentals and rapid adoption, SOL remains a favorite among traders anticipating the next altcoin rally.
Top Cryptocurrency Analyst Carl Runefelt Recently shared detailed technical analysis X, highlighting Solana’s encouraging model. Runefelt revealed that SOL has successfully retested a giant triangle pattern on the weekly timeframe, a major milestone in its bullish trajectory.
According to his analysis, if Solana can hold onto the $180 mark, the cryptocurrency could surge to $330 in the coming weeks. This prediction is in line with expectations that Solana will be the frontrunner in the next market rally.
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However, the broader market remains in limbo. Market leader Bitcoin has struggled to regain $100,000 levels, with negative sentiment continuing to weigh on trader confidence. This lingering doubt poses challenges for altcoins like Solana, which typically rely on strong performance from Bitcoin to sustain rallies.
Test key requirements
Solana is currently trading at $185, showing resilience after successfully holding its 200-day exponential moving average (EMA) at $175. This key level is often seen as a strong indicator of long-term market strength, and SOL’s ability to defend this level highlights the asset’s bullish potential.
On a weekly basis, Solana continues to post higher lows, indicating a positive trend despite recent market volatility. This price action suggests that buyers remain confident in SOL’s long-term prospects and have stepped in to defend key support levels. If the $175 mark continues to serve as a solid foundation, Solana will recover quickly in the coming days.
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Holding above the 200-day moving average is a key step in building momentum for a broader rally. Analysts and investors are watching this level closely as it could pave the way for Solana to retest key resistance points and potentially target new highs. However, if SOL loses this key support, it may face greater selling pressure.
Featured image from Dall-E, chart from TradingView
