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Solana Will Target New ATHs Once It Breaks $160 Resistance – Analyst
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Solana Will Target New ATHs Once It Breaks $160 Resistance – Analyst

Sebastian Villafuerte
Sebastian Villafuerte
7 months ago
3 mins read
Solana Will Target New ATHs Once It Breaks $160 Resistance – Analyst

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Solana (SOL) is trading above $150 after days of uncertainty and testing critical demand levels. The altcoin has surged 13% since last Thursday, showing signs of strength amid market volatility. Now, Solana is just 5% away from the $160 key resistance, a crucial level it hasn’t surpassed since early August. This resistance marks a pivotal point for SOL, as breaking above it could trigger a significant bullish move.

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Top analyst and investor Carl Runefelt has shared a technical analysis suggesting that Solana is forming a bullish pattern. According to his analysis, if SOL breaks above this pattern, it could lead to a massive surge and potentially reach new all-time highs. As traders closely monitor this resistance level, the next few days will be crucial for determining Solana’s future price action.

Investors are eager to see if SOL can break through and spark a broader rally or if it will face rejection and enter a consolidation phase. With momentum building, Solana’s price movements are at the center of attention in the crypto market.

Solana Analyst Predicts New ATH Soon

Solana is approaching the critical $160 resistance level after a 4% surge in the past few hours. Analysts and investors are paying close attention as the entire crypto market rebounds from local lows, and Solana is now poised to follow this trend. 

The cryptocurrency has gained 13% since last Thursday and is 5% away from breaking the key $160 resistance, a level it hasn’t surpassed since early August. The market’s growing optimism is reflected across social media platforms, where speculation about Solana’s future price action is mounting.

Prominent crypto investor and analyst Carl Runefelt recently shared his technical analysis of Solana on X. In his analysis, Runefelt highlights that Solana is forming a bullish pattern, which could signal a massive breakout if the price breaks above the $160 resistance.

Solana testing bullish pattern resistance
Solana testing bullish pattern resistance | Source: Carl Runefelt on X

 According to Runefelt, Solana’s surge to new all-time highs would be substantial once it breaks the upper boundary of this bullish triangle pattern.

The $160 zone has proven to be a key resistance level, pushing Solana’s price thrice since early August. As Solana moves closer to this critical level again, many investors are optimistic that the price will break through this time, leading to significant upside momentum. 

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However, a failure to breach this resistance could result in consolidation, with traders looking for stronger confirmation of the next big move.

The coming days will be crucial for Solana, as the market eagerly awaits confirmation of a breakout or further consolidation. If bulls break above the $160 resistance, it could pave the way for Solana to target new highs, driving renewed interest and momentum in the price of the altcoin.

SOL Supply Zone About To Break

Solana (SOL) is trading at $153 after a modest surge above the daily 200 moving average (MA) at $151. This upward movement marks a significant moment for SOL, as being above this crucial indicator is seen as a positive sign for potential future gains. If the price can maintain its position above the 1D 200 MA, it could pave the way for a direct push toward the key $160 resistance level.

SOL breaking above the 1D 200 MA
SOL breaking above the 1D 200 MA | Source: SOLUSDT chart on TradingView

A successful close above $160 would open the door to a challenge of yearly highs around $210, enticing traders and investors looking for momentum in the altcoin. However, if Solana fails to maintain its position above the daily 200 MA, investors anticipate a retracement to lower demand levels around $140.

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Staying above the 1D 200 MA will be crucial in determining the short-term direction for SOL. Investors are closely monitoring these levels, as they could signal either a continuation of the bullish momentum or a potential reversal, leading to increased volatility in the coming days.

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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