Solana Might Reach $295 Once It Breaks Key Supply Zone – Details
Solana (SOL) attracted a lot of attention in the cryptocurrency market after it broke out to an all-time high on November 22 after experiencing a series of fluctuations. The asset, known for its speed and scalability, is currently testing key demand levels around $220, an area that could determine its next move.
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Prominent investor and trader Carl Runefelt has shared a detailed technical analysis of X, highlighting the formation of a massive symmetrical triangle that Solana has been tracking since early November. According to Runefelt, this pattern suggests a period of consolidation before a potentially explosive move. If Solana breaks out of this pattern, Runefelt expects a price target of $295, indicating significant upside potential for the altcoin.
With Solana’s ability to maintain high demand and the broader cryptocurrency market showing bullish sentiment, all eyes are on whether SOL can capitalize on this momentum. The next few days will be critical as price action unfolds, setting the stage for continued gains or further correction. With SOL traders watching closely, the market anticipates that this decisive move could redefine Solana’s trajectory for the rest of the year.
Solana looks for motivation to rise
Solana (SOL) has pulled back after hitting an all-time high of $264 on Nov. 22 as volatility in the broader cryptocurrency market intensifies. While some investors are wary of the pullback, many analysts interpret it as a healthy retest of demand — a necessary pause to build momentum for another rally. Currently, Solana is consolidating around key support levels, positioning itself for a potential breakout.
investors and traders Carl Runefelt shares insights on Xhighlighting a bullish pattern forming on the Solana chart. Runefelt said that this structure, which has been developing over the past few weeks, indicates that SOL may be preparing for a major breakthrough. He emphasized that if Solana manages to break out of this pattern amid sustained buying pressure, it could easily surpass its previous highs and enter uncharted territory.
Runefelt’s analysis is consistent with broader market sentiment, which sees Solana as one of the most promising blockchain ecosystems. Its strong fundamentals, growing adoption and institutional interest create a favorable backdrop for continued growth.
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The next few days will be critical as Solana is integrated. A breakout of the current pattern could trigger a massive rally that could drive prices significantly higher. Conversely, failure to hold key support levels could lead to a deeper correction. Investors are currently watching closely, awaiting decisive moves to determine Solana’s trajectory in the coming weeks.
Price testing key requirements
Solana (SOL) is currently trading at $217, maintaining key demand levels that have become a focal point for both bulls and bears. This area acts as strong support and its integrity is crucial to sustain the bullish momentum. However, if SOL falls below this level, it could trigger panic among investors, many of whom are banking on continued growth in the coming months.
The $210 mark is the psychological threshold for market participants. Holding above this level would reaffirm Solana’s strength and suggest that the current pullback is a healthy consolidation phase. On the other hand, a breakout of this support could alter market sentiment, leading to increased selling pressure and a possible drop to lower levels.
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To continue bullish, SOL must stay above $210 and reclaim $225 in the coming weeks. The move would signal fresh buying interest and set the stage for a potential breakout for Solana. If this happens, analysts predict that a sharp rally in SOL could push it to new highs, reaffirming its status as the top-performing crypto asset.
Investors are keeping a close eye on these key levels, as Solana’s price action in the coming weeks will likely set the tone for its medium-term trajectory.
Featured image from Dall-E, chart from TradingView
