Solana About To Target $250 If It Breaks Key Supply Level – Analyst
Solana has had a volatile few days, with its price fluctuating between a yearly high of $225 and a local low of $200. This volatility has sparked a lot of interest among traders and investors as Solana tests key levels that are crucial to its next move.
Technical analysis by top analyst and macro investor Carl Runefelt suggests that a decisive break above the $225 resistance could trigger a rally towards $246. Rubefeldt believes this level represents a key threshold, exceeding which could cause bullish momentum to accelerate.
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The broader crypto market has added another layer of intrigue, with Bitcoin once again approaching a new all-time high. Historically, Bitcoin’s movements have driven rallies across the market, and its current trajectory could provide the momentum needed for Solana to break out of its range and hit new highs.
With traders keeping a close eye on Solana and Bitcoin price action, the coming days may set the tone for the next chapter of this bullish cycle. Can Solana Use Market Forces to Break Above $225or will resistance persist, leading to further consolidation? The unfolding story is crucial for altcoin enthusiasts and market participants alike.
Solana tests critical supplies
Solana is consolidating below key supply levels, which could serve as a springboard to test its all-time high of $258. Currently trading in a tight range, Solana’s price action reflects the hesitancy of traders and investors in anticipating the next big move.
Key analyst Runefelt says altcoins are poised for a breakout. Share his technical analysis on XRunefelt outlined a potential 12% upside targeting resistance at $246 – a key hurdle before Solana challenges its all-time peak.
A break above this level would signal strong bullish momentum and could set the stage for a rally to new all-time highs. However, for this to happen, Solana would not only have to break out of current levels, but also hold them as support. Consolidation above these key thresholds will boost market participant confidence and attract additional demand, further fueling upward momentum.
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The broader market moves, especially with Bitcoin near all-time highs, add another layer of meaning. If Bitcoin maintains its bullish trajectory, it could provide the necessary push for Solana to break out of the consolidation phase.
The next few days will be critical in determining Solana’s direction. An upside breakout could solidify its position as the leading altcoin this cycle, while failure to stay above current levels could delay the rebound.
Key levels to watch
After four days of sideways consolidation, Solana (SOL) is currently trading at $219, just below the key $225 resistance. This consolidation reflects a market awaiting a decisive breakout as traders focus on where to go next. Staying above the $200 demand level remains crucial to confirm the bullish outlook. This support is the basis of Solana’s recent uptrend, and failure to hold this support could signal weakness and open the door to further declines.
However, a breakout and hold of the $225 resistance will be crucial to confirm Solana’s bullish trend. This level is a psychological barrier and the last stronghold for bears, and many may take profits or start shorting. If Solana can overcome this resistance, it could set the stage for a sharp rally to all-time highs, effectively ending the selling pressure.
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A decisive break above $225 would not only signal bullish strength but also create a domino effect, attracting new buyers and driving momentum. This move could lead to a significant jump in the stock price, putting SOL on track to challenge its all-time high of $258 and potentially set a new record. In the coming days, all eyes will be on Solana’s ability to recapture key levels and consolidate bullish momentum.
Featured image from Dall-E, chart from TradingView
