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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Solana Holds Weekly Support At $180 – Analyst Expects $330 Mid-Term

Sebastian Villafuerte
Sebastian Villafuerte
5 months ago
3 mins read
Solana Holds Weekly Support At $180 – Analyst Expects $330 Mid-Term

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Solana (SOL) is navigating a turbulent period after facing a significant 33% correction from its all-time high at $264, reached in late November. Despite the sharp pullback, Solana demonstrates resilience, offering investors a promising long-term outlook.

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Renowned crypto analyst Carl Runefelt recently shared his insights on X, highlighting a compelling technical setup for SOL. According to Runefelt, Solana has successfully retested a massive triangle pattern on the weekly timeframe. This critical retest suggests that Solana’s price action remains intact and could serve as a launching pad for a significant rally shortly.

While broader market corrections have weighed down short-term sentiment, Solana’s ability to maintain its structural integrity amidst the downturn provides a glimmer of hope for bulls. If SOL can sustain its current levels and build momentum, it may soon recover lost ground and chart a path toward new highs. Analysts closely watch how Solana responds to this crucial technical signal, as it could define the altcoin’s trajectory in the coming weeks.

Solana Holding A Bullish Structure

Despite a 30% retrace from its all-time high, Solana (SOL) maintains a bullish structure on higher timeframes, signaling long-term strength. This resilience has analysts and investors optimistic about Solana’s potential to outperform once the market regains momentum. Known for its strong fundamentals and rapid adoption, SOL remains a favorite among traders who are anticipating the next altcoin rally.

Top crypto analyst Carl Runefelt recently shared a detailed technical analysis on X, highlighting an encouraging pattern for Solana. Runefelt revealed that SOL has successfully retested a massive triangle formation on the weekly timeframe, a critical milestone for its bullish trajectory.

Solana successfully retested this massive triangle
Solana successfully retested this massive triangle | Source: Carl Runefelt on X

According to his analysis, if Solana can hold firmly above the $180 mark, the cryptocurrency could surge to $330 in the coming weeks. This projection aligns with expectations that Solana will be a frontrunner in the next market-wide rally.

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However, the broader market remains in a state of uncertainty. Bitcoin, the market leader, has struggled to reclaim the $100K level, and negative sentiment continues to weigh on traders’ confidence. This lingering doubt poses challenges for altcoins like Solana, which often depend on a strong Bitcoin performance to sustain rallies.

Testing Crucial Demand

Solana is currently trading at $185, showing resilience after successfully holding the 200-day exponential moving average (EMA) at $175. This key level is often regarded as a strong indicator of long-term market strength, and SOL’s ability to defend it underscores the asset’s bullish potential.

SOL holding above the 200-day EMA
SOL holding above the 200-day EMA | Source: SOLUSDT chart on TradingView

On a weekly timeframe, Solana continues to make higher lows, signaling a positive trend despite recent market volatility. This price action suggests that buyers remain confident in SOL’s long-term prospects, stepping in to defend critical support levels. If the $175 mark continues to act as a strong foundation, Solana is well-positioned for a quick recovery in the days ahead.

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Holding above the 200-day EMA is a crucial step in building momentum for a broader rally. Analysts and investors are closely watching this level, as it could pave the way for Solana to retest key resistance points and potentially target new highs. However, if SOL loses this critical support, it may face increased selling pressure.

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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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