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Solana

Solana Eyes Rally To $235 After A Notable Breakout From This Crucial Chart Formation

Godspower Owie
by Godspower Owie
6 months ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Even though Solana seems to have lost its recent upward momentum, leading to a notable pullback to the $136 price level, there is a possibility that the brief bullish move was just the beginning of a much bigger upsurge. In light of the pullback, many crypto analysts have predicted a potential price reversal for SOL in the upcoming weeks.

Next Notable Rally To Push Solana To $235

Many crypto assets have shown potential for a bullish breakout, and one of them is Solana. After examining recent price action, IC News, an informative platform, outlined that SOL is positioning itself for a major rally in the short term.

Related Reading: Solana’s Uptrend In Sight? Gaussian Channel Support Points To Potential Price Reversal

IC News’ bold prediction is based on SOL’s recent breakout from a key chart pattern, particularly the Falling Wedge formation. A Falling Wedge formation is a key technical pattern characterized by two trend lines sloping downwards. Typically, this pattern acts as an indicator of a price reversal after a period of downside performance.

SOL’s recent breakout has bolstered its ability and momentum, signaling the potential for further upward movements. With favorable market conditions, the altcoin is likely to see a sustained rally, surpassing key resistance levels.

Solana
SOL’s bullish momentum is building due to a breakout | Source: IC News on X

The platform highlighted that Solana has maintained bullish momentum since it broke above the upper trendline of the falling wedge pattern on March 19. Furthermore, the breakthrough has held up well, and SOL continued to rise in the following days.

Since the pattern is validated in the daily time frame, IC News noted that Solana is currently aiming at the $235 price range. According to the platform, this level is obtained by summing up the breakout level by April and the maximum height of the falling wedge formation. However, macroeconomic variables and resistance levels may still influence the pace of this anticipated rise.

Is SOL’s Price Heading For A New All-Time High Soon?

Following the renewed upsurge, technical analyst Rose Premium Signals has also pointed out a promising outlook for Solana in the short term. Rose Premium Signals predicted that the altcoin is gearing up for its next major leg up to a new all-time high.

Related Reading: Solana Market Sentiment Hits Rock Bottom As SOL’s Price Plunges To A 3-Month Low

In the weekly time frame, SOL has shown a strong bullish structure after a perfect recovery from the critical $120 support zone. Solana’s price seems to be holding above the demand zone. Other key takeaways in SOL’s performance are rejection wicks and a classic bullish market structure continuation in play that indicates strength.

As a result, Rose Premium Signals has placed the target for the altcoin at the $222 level once it undergoes a leg-up. The anticipated rally could push SOL as high as $316, marking a new all-time high. “Accumulation under $140 was a gift, and now the breakout rally could just be getting started,” the analyst stated.

Solana
SOL trading at $137 on the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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