Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target
2024年11月8日 - 2:30AM
NEWSBTC
Solana has finally broken through a crucial resistance level that
has kept the price subdued for months, sparking fresh optimism
among investors. However, the breakout has yet to be confirmed,
leaving room for excitement and caution. Prominent analyst
and investor Carl Runefelt recently shared a technical analysis on
Solana, highlighting that the cryptocurrency is on the verge of
breaking out from a massive bullish pattern. According to Runefelt,
if the breakout holds, this setup can propel SOL toward a $300
target in the coming months. Related Reading: Ethereum Analyst Sets
$3,400 Target Once ETH Breaks Key Resistance – Details The days
ahead will be critical for SOL as market sentiment and trading
volume determine whether this push is a sustained rally or a bull
trap. For Solana to confirm this breakout, it must maintain its
upward momentum and establish support above the previous
resistance. Investors are closely watching these levels, as a
failure to hold could lead to a retracement. However, if SOL
can solidify its position, it could begin a powerful rally toward
new highs. The outcome will shape Solana’s trajectory as it
attempts to secure a place among the top-performing assets in the
crypto market. Solana Testing Crucial Supply Solana is
currently testing a critical supply level, a zone that will either
drive SOL to new highs or send it back into consolidation. After
pushing above the $185 mark—a key price level that now needs to
hold as support—Solana is poised for a significant move.
According to top analyst Carl Runefelt, who shared his technical
analysis on X, Solana appears to be breaking out from a massive
Symmetrical Triangle, a well-known bullish chart pattern. In his
view, a confirmed breakout above this level could trigger a rapid
surge to $300, a move that he believes would “destroy bears” and
reinvigorate bullish sentiment. However, the coming days will be
crucial in determining Solana’s direction, especially as the
Federal Reserve’s interest rate decision is set to be announced
today. If the Fed signals a rate cut or maintains current rates, it
could fuel the rally by boosting risk-on sentiment in the market. A
favorable environment from the Fed could lead to increased buying
pressure on SOL, pushing it beyond its recent highs. Related
Reading: Massive Bitcoin Short Liquidations Send BTC Above ATH –
Trump Win Sets A Bullish Environment Conversely, if the $185 level
fails to hold, SOL might re-enter a consolidation phase,
temporarily stalling the upward momentum. For now, all eyes are on
the Federal Reserve’s decision and how it might impact broader
market sentiment, which will play a critical role in determining
whether Solana’s bullish trajectory continues. A successful
breakout here would not only confirm strength but could set the
stage for Solana to challenge $300 in the coming months. SOL
Technical Analysis Solana is currently testing the final
resistance at $190, a crucial level that could pave the way for a
challenge to its yearly highs around $210. For the bullish momentum
to remain intact, SOL needs to break above and hold this level as
support. However, achieving this may take several days as the
market continues to digest the impact of Donald Trump’s victory and
awaits the Federal Reserve’s decision on interest rates. If SOL
fails to break above the $190 resistance, a consolidation phase
between $180 and $190 could be healthy for price action. This range
would allow the market to reassess and stabilize before making
another attempt at breaking higher. However, it’s important that
the price remains above the $180 mark during this consolidation. If
SOL holds above this level, the uptrend can continue, with a
potential push toward yearly highs. Related Reading: Ethereum
Analyst Shares Correlation With S&P500 – Last Dip Before It
Hits $10,000? On the other hand, if the price drops below $180, it
could signal a shift in momentum, putting the current uptrend at
risk. For now, bulls must maintain control by keeping SOL above
$180 while the broader market awaits the Fed’s decision, which
could impact risk sentiment and Solana’s next move. Featured image
from Dall-E, chart from TradingView
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