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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Solana (SOL) ‘Could Go Parabolic’ Once It Breaks $200 Resistance – Analyst

Sebastian Villafuerte
Sebastian Villafuerte
10 months ago
3 mins read
Solana (SOL) ‘Could Go Parabolic’ Once It Breaks $200 Resistance – Analyst

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Solana (SOL) is now trading around a crucial supply zone after an impressive 26% surge since September 18, following the Federal Reserve’s announcement of interest rate cuts. This sharp rally has sparked optimism among analysts and investors, who hope Solana could soon reach new all-time highs.

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Many in the crypto space believe Solana is primed for further gains, with some expecting it to outperform the broader market in the coming months. One prominent analyst, Carl Runefelt, has shared a technical analysis on X, highlighting the potential for a parabolic move once SOL breaks through its yearly high.

With growing attention to Solana’s strong fundamentals and technical strength, the market is closely watching to see if SOL can maintain its upward trajectory and deliver the explosive gains many anticipate. 

As Solana hovers near these key levels, the next few days could be critical in determining whether it will continue its upward march or face renewed selling pressure.

Solana To $200 Before New ATH

Solana (SOL) is now testing a key liquidity area, and investors are closely watching for the next price move. After a bullish run over the past two weeks, many expect a surge that could push SOL higher. However, some concerns remain that Solana might underperform this cycle compared to other leading altcoins, which have shown stronger market activity.

Prominent crypto analyst Carl Runefelt recently shared a detailed analysis on X, highlighting a bullish “cup and handle” pattern forming in Solana’s price action. This pattern, often seen as a signal for continued upward momentum, has a clear resistance level of around $200. Runefelt believes that once Solana breaks past this key level, the price could go parabolic, with the next major target being the all-time high (ATH) of around $260.

Solana ready to break out of this massive Cup and Handle pattern.
Solana is ready to break out of this massive Cup and Handle pattern. | Source: Carl Runefelt on X

In his analysis, Runefelt emphasizes that breaking through the $200 resistance will be crucial for Solana’s price action. Once this happens, he predicts a rapid and aggressive move to new highs.

The cup and handle formation is a classic bullish continuation pattern frequently leading to sharp price increases, suggesting that Solana could be set for a major breakout.

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With the market sentiment still bullish and Solana testing critical levels, the next few weeks could determine whether the asset will achieve the explosive gains many anticipate.

SOL Testing Crucial Supply

Solana (SOL) is trading at $156, following a 13% move from last week’s lows. The price has successfully reclaimed the daily 200 moving average (MA) at $154, holding it as support—a bullish signal that could propel SOL to higher levels shortly.

SOL testing supply and trading above the 1D 200 MA.
SOL testing supply and trading above the 1D 200 MA. | Source: SOLUSDT chart on TradingView

However, SOL is facing resistance at the $163 local high, where it has been struggling to break through. Bulls need to push the price past this critical level to trigger a rally toward the yearly high of around $210. This would further strengthen the positive sentiment around Solana as investors and traders look for confirmation of a larger upward move.

On the downside, if SOL fails to break past the $163 resistance, a retracement to lower demand levels around $140 becomes more likely. This would represent a critical test for the asset, as a failure to hold support at these lower levels could weaken the bullish momentum built over the past few weeks.

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With SOL hovering near key levels, the next price move could set the stage for a rally toward new highs or a deeper pullback.

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.

Read more

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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