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Solana Could ‘Go Parabolic’ Starting Today – Analyst Sets $370 Target
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Solana Could ‘Go Parabolic’ Starting Today – Analyst Sets $370 Target

Sebastian Villafuerte
Sebastian Villafuerte
7 months ago
3 mins read
Solana Could ‘Go Parabolic’ Starting Today – Analyst Sets $370 Target

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Solana (SOL) has finally broken above the $160 resistance, a critical level that has held the price down since early August. This breakout signals a confirmed uptrend, sparking excitement among investors as Solana continues to push higher. 

With the market showing renewed optimism, analysts set bullish price targets for Solana’s next potential moves.

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Top analyst and investor Carl Runefelt recently shared valuable insights on Solana’s outlook, boldly predicting that Solana could reach $370 in the coming months. He believes that the altcoin is set for a significant rally once Solana breaks above its current high timeframe bullish pattern. 

Investors are closely watching for confirmation of this bullish trend, anticipating further gains as Solana’s price action gains momentum. Solana’s recent breakout and positive market sentiment suggest a strong performance shortly.

Solana Prepares For A Rally

Solana is on the verge of a move, potentially reaching yearly or even all-time highs. The bullish outlook across the market continues to signal positive gains for SOL in the coming months. 

Crypto analyst Carl Runefelt recently shared a technical analysis on X, stating that Solana could go parabolic starting today. He highlights that SOL is breaking out of a massive Cup & Handle pattern, a classic bullish formation often seen on higher timeframes. Solana could rally toward a potential target of $370 if this pattern plays out.

Solana breaking out of this Cup&Handle pattern
Solana breaking out of this Cup&Handle pattern | Source: Carl Runefelt on X

The Cup & Handle pattern is known for its reliability in signaling strong price movements, particularly when the handle completes and breaks upward. In Solana’s case, this breakout could lead to substantial gains, pushing the price to new highs. As the crypto market continues with momentum, SOL investors are optimistic about the potential price surge in the coming days.

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With the bullish sentiment surrounding Solana, the next few weeks could be crucial in determining whether SOL can maintain its trajectory toward new highs. Investors may see significant returns if Solana breaks out and benefits from the market’s bullish sentiment.

SOL Testing Supply 

Solana trades at $166 after successfully breaking above the key $160 resistance level. However, it faced rejection at the $171 supply zone. This level previously acted as minor support in late July and is now a resistance. 

SOL testing $171 resistance
SOL testing $171 resistance | Source: SOLUSDT chart on TradingView

If SOL manages to break above this resistance, the next target would be a higher supply level (around $188), where investors are likely to take profits or reposition.

While the recent price action suggests strength, a healthy retrace to test the previous $160 resistance as support wouldn’t surprise investors. Such a pullback could provide a stronger foundation for SOL’s continued bullish momentum. 

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The overall market sentiment remains optimistic, with many cryptocurrencies experiencing upward movement, which could further fuel Solana’s price action.

If SOL holds above $160, it could confirm the next rally, positioning Solana for a surge in the coming weeks. Breaking through the $171 resistance will be critical in determining whether SOL can maintain its bullish trajectory.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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