As a seasoned crypto investor with scars from more than a few market downturns, I must admit that I’m cautiously optimistic about Solana (SOL) right now. The recent surge above $140 is certainly encouraging, and Carl Runefelt’s technical analysis pointing towards a potential 20% surge to $176 by the end of the year has caught my attention.
At present, Solana is trading above the $140 threshold, exhibiting robustness as it readies itself for a possible climb to even greater heights. Following a subtle 5% surge on Friday, there’s a growing sense of optimism among investors and analysts about Solana’s potential trajectory in the upcoming months.
According to one well-known analyst, Carl Runefelt, he’s forecasting a 20% increase in SOL over the next few weeks based on positive technical trends and advantageous market circumstances. His assessment indicates that Solana may reach approximately $176 by year-end if its current trajectory continues.
Even though Solana has been on an upward trend, it encounters significant barriers that might hamper its continued ascent. Despite its recent rise, some investors remain wary due to the general volatility in the cryptocurrency market. If Solana can hold onto its current foundation and breach these barriers, the next few months could be crucial for determining the asset’s future price trend.
Will SOL continue to build upon its current successes and hit record highs, or will it encounter challenges staying afloat amidst market turbulence? This is a question on investors’ minds as we near the close of the year.
Solana Testing Supply Levels
Over the past few weeks, I’ve noticed that Solana has been moving between $210 and $110 since mid-March. This price action seems to have left crypto investors divided. Some interpret it as a consolidation phase, while others view it as a potential precursor for an imminent breakout.
Runefelt’s assessment indicates that if Solana (SOL) manages to escape its current triangle formation, it might experience a swift rise, possibly reaching approximately $176 in the upcoming weeks. Such a rise would signify a substantial jump from its current trading prices and mark a significant achievement for SOL. The price has been struggling to surpass the $160 resistance barrier since early August, but Runefelt posits that a breakout from the triangle could propel the price significantly above this hurdle.
As a researcher, I find myself closely observing Solana’s price action, particularly these critical levels. A successful breach above them could ignite a 20% upward surge for Solana. This bullish momentum, if sustained, might propel it even higher, potentially signaling the end of its extended period of sideways trading and heralding the beginning of an exciting new uptrend. If Solana manages to hold its ground and continue this rally, it may soon challenge new highs, further cementing its status as one of the top-performing altcoins in the market.
SOL Technical Analysis: Zones To Watch
At the moment, Solana (SOL) is being exchanged for approximately $145, marking an increase of around 7% from its recent trough at $135. Notably, the price has ascended beyond the daily 200 Exponential Moving Average (EMA), which stands at $140 – a significant sign of short-term trend vigor. However, it’s important to note that SOL is yet to make a move closer to the pivotal 200 Moving Average (MA) at $152, a more substantial and enduring indicator of long-term trend direction.
To have bulls firmly regain control and resume the uptrend, they must breach both the Exponential Moving Average (EMA) and Moving Average (MA) thresholds. Overpowering these markers could lead us to the $160 resistance area, where sellers are likely to be more dominant. This would suggest that the bullish trend is continuing, potentially paving the way for additional gains.
If the price can’t stay above $140, this current increase might not last long and could be followed by a more substantial decrease. A drop below this level could potentially push Solana (SOL) down to $110, a point of strong demand that buyers may try to protect. Traders are closely monitoring these price levels as they will help determine SOL’s immediate trend in the coming days.
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2024-10-12 12:04