- Analysts highlight Solana’s bullish signals, predicting a breakout with targets of $300 and potentially $440 if the trend continues.
- Key levels to watch include $235 for a bullish trend confirmation, with Solana’s support levels offering a foundation for a strong rally.
Over the past 25 days, SOL has faced a downtrend with lower highs and lower lows in the short term. Despite this, Solana (SOL) is showing signs of a bullish resurgence following its recent decline from its all-time high of $264.
Analysts predict a potential breakout as Solana appears to be repeating a “bull flag” fractal, similar to the pattern that led to a triple-digit rally earlier in 2024. According to a recent CNF update:
Solana ($SOL) has been riding high as a key pillar in the crypto world. But there’s a whisper echoing through blockchain circles, and it doesn’t bode well for Solana’s $240 price tag.
Nevertheless, the current setup suggests a possible price target of $320 based on the 1.618 Fibonacci extension, with a longer-term goal of $440 if the trend continues. Key bullish signals include a retest of the 50-day exponential moving average and the RSI resetting below 50, both of which align with previous breakout scenarios.
Analysts Call for a “Monster Run”
Solana’s performance has lagged behind Bitcoin and Ethereum in recent weeks, with SOL posting just a 1.61% gain compared to Bitcoin’s 17.49% and Ethereum’s 26.96%. Despite this, prominent traders remain optimistic.
Anonymous analyst Jelle recently highlighted Solana’s support levels against Tether, Bitcoin, and Ethereum, suggesting a strong foundation for a potential rally.
Entire timeline troll-posting $SOL while it's testing support against USD, ETH and BTC at the same time
Hmm pic.twitter.com/H2jpah4ru8
— Jelle (@CryptoJelleNL) December 16, 2024
Another trader, Zer0, has dismissed fears surrounding SOL’s recent price movements, labeling them as a routine breakout and retest of prior resistance levels. Meanwhile, Daan Crypto emphasized the importance of Solana breaking above $235 to establish a bullish trend and achieve higher highs in the short term.
Solana Eyes $300 as Momentum Builds
While short-term resistance levels remain, the broader outlook suggests that SOL may be on the cusp of a significant rally, with the $300 mark firmly in sight.
To this end, Solana’s long-term indicators and historical patterns point to a strong upward trajectory. As of today, Solana (SOL) is trading at $216.84, down 1.38% in the past day and 1.95% in the past week.
