SOL
Solana Breakout From Bullish Pattern Could ‘Send SOL To The Moon’ – Crypto Analyst
Published
5 hours agoon
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adminSolana (SOL) has shown remarkable strength in recent weeks, surging by 32% over the past fifteen days. This impressive price action has positioned SOL as one of the top-performing assets, outpacing Bitcoin and many other altcoins.
Analysts and investors are increasingly optimistic about Solana’s potential, with many forecasting continued upward momentum in the weeks ahead. Notably, prominent investor Carl Runefelt recently shared a technical analysis on SOL, highlighting a breakout from a bullish pattern that could signal massive gains for the cryptocurrency.
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With this breakout, price action remains firmly bullish, indicating that the next major target for SOL is around the $185 level, where it will encounter local supply. If momentum holds, Solana could soon challenge this key resistance, further solidifying its place as a leader in the current market cycle.
Solana Breaking Out Of Cup&Handle Pattern
Solana is breaking out from a classic “Cup & Handle” pattern, often associated with strong bullish moves. This pattern has caught the attention of top analyst Carl Runefelt, who recently shared his technical analysis on X, indicating that Solana’s recent price action aligns with a breakout from a descending channel.
According to Runefelt, this setup signals that Solana could be ready for a significant upward move. He shared a chart with a potential price target of $370, suggesting a substantial 115% surge from current levels.
Runefelt’s optimism stems from the Cup & Handle pattern, where the price consolidates after an uptrend and then forms a small dip (the handle) before breaking out. This pattern is known to attract strong buyer interest, representing a period of consolidation and momentum building.
However, while the breakout is promising, it may take some time to fully play out, as the entire crypto market appears to settle before its next significant move. Solana has consistently outperformed in this cycle, with price action and volume reflecting sustained investor interest.
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With Solana pushing through key resistance levels and establishing a solid foundation, the potential for a bullish continuation is high. If the breakout confirms and Solana’s momentum holds, the next weeks could see SOL pushing into new heights, solidifying its position as a top-performing altcoin and meeting investors’ bullish expectations for substantial gains ahead.
SOL Testing Crucial Supply
Solana is trading at $171, maintaining a strong uptrend with a well-defined bullish structure over the past two weeks. This level represents a key demand zone that previously acted as resistance, signaling a potential for higher gains if the price holds steady. A continued hold above $171 would support further bullish momentum, potentially pushing SOL toward the next significant supply area at $185.
However, should SOL lose the $171 support, a retrace to around $160 is likely. This level has been pivotal in the past weeks, serving as a strong resistance point that capped previous price attempts to rise, creating a solid foundation for renewed bullish interest. A move down to $160 wouldn’t necessarily break the overall uptrend but would offer an opportunity to consolidate before the next push higher.
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As investors and traders watch these levels closely, the $171 mark will be an immediate gauge of strength. Holding above it keeps the uptrend intact, while a dip to $160 would still offer support for Solana’s longer-term bullish outlook. SOL’s resilience in these levels reflects the optimism surrounding the asset’s potential in the weeks ahead.
Featured image from Dall-E, chart from TradingView
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Top Crypto Trader Says Large-Cap Memecoin ‘Still Turbo Strong,’ Updates Outlook on Solana and Sui
Published
1 day agoon
October 25, 2024By
adminA widely followed cryptocurrency analyst and trader is leaning bullish on one memecoin while giving his forecast on two layer-1 altcoins.
The analyst pseudonymously known as Bluntz tells his 287,700 followers on the social media platform X that Dogecoin (DOGE) is “still turbo strong.”
Based on Bluntz’s chart on the four-hour time frame, it appears that the pseudonymous analyst is suggesting that Dogecoin could skyrocket by nearly 60% to reach a price of $0.22.
At time of writing Dogecoin is trading at $0.138, up by over 20% in the past two weeks.
The widely followed analyst further says,
“Dogecoin is the new mega large cap market leader.
You may not have realized it just yet but you will soon.”
Next up is Solana (SOL). Bluntz says that despite recent bearish sentiment in the crypto market, Solana only moved slightly downwards and did not fall below a major resistance level that it recently overcame on the daily time frame, an indication of its strength.
“Chance of fakeout diminishing by the day.”
Solana is trading at $166 at time of writing.
Next up is Sui (SUI). The pseudonymous analyst who regularly applies the Elliott Wave theory in his technical analysis says that Sui could be on the cusp of reaching a new all-time high in a five-wave pattern after a correction. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Based on Bluntz’s chart, it appears that the analyst is suggesting that Sui could hit a price of $2.80, about 48% above the current price.
Sui is trading at $1.89 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Altcoins
Analyst Predicts 75% Upside Burst for Ethereum, Sees Solana Repeating Massive 2021 Surge
Published
3 days agoon
October 23, 2024By
adminA closely followed crypto strategist and trader thinks Ethereum (ETH) is gearing up to ignite big breakout rallies.
Pseudonymous analyst Inmortal shares a chart with his 217,500 followers on the social media platform X suggesting that Ethereum will see one final dip before sparking a 75% surge to his target of $4,100.
“Call me crazy, but I think ETH is a good SPOT trade here.
Slower than SOL, but safer.”
Zooming in on Ethereum, Inmortal notes that ETH has already broken out of its horizontal resistance on the low time frame.
“ETH showing the way.
Classic consolidation below resistance + higher lows.”
At time of writing, Ethereum is trading for $2,668.
Turning to Ethereum challenger Solana, Inmortal shares a chart suggesting that SOL is mirroring its 2021 price action when it witnessed a lengthy consolidation period before a massive eruption.
“SOL.”
In 2021, SOL consolidated for months below $60 before breaking out and rallying to its all-time high of $259. At time of writing, SOL is worth $166.
The analyst is also tracking the price action of the meme token Floki (FLOKI). According to Inmortal, FLOKI is flashing multiple bullish higher-low setups indicating that the memecoin is preparing for a breakout.
“It’s all right. We have the mountain now.
Consolidation below resistance + higher lows? This will end soon.
FLOKI go brrrr season.”
Based on the trader’s chart, he seems to predict that FLOKI will jump to $0.00021. At time of writing, FLOKI is trading at $0.000151.
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SOL
Solana Struggles To Break $160 Resistance As Top Analyst Predicts A Coming Surge
Published
6 days agoon
October 19, 2024By
adminSolana (SOL) has been experiencing significant volatility and choppy price action since Monday, testing a crucial supply level that will determine its direction in the coming weeks. As the market continues to push higher, most analysts and investors are anticipating a potential surge for SOL, especially with the $160 resistance level appearing to weaken under recent upward pressure.
The crypto community is closely watching these developments, as breaking through this key resistance could lead to substantial gains for the altcoin.
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Top analyst and investor Carl Runefelt recently shared a technical analysis that paints an optimistic picture for Solana’s price action in the next few hours. According to Runefelt, the weakening resistance could pave the way for a breakout, with bullish momentum carrying SOL to higher targets.
While the market remains volatile, confidence in Solana’s ability to overcome current challenges is growing. If the supply level is breached, it could mark the start of a new upward trend, making SOL a focal point for traders looking for opportunities in the current market landscape.
The next few days will be critical in shaping Solana’s trajectory, as investors will closely monitor whether the price will confirm the anticipated rally.
Solana Bullish Pattern Signals Momentum
The entire crypto market is experiencing heightened volatility, and Solana has not been immune to it, with its price fluctuating between $148 and $160 since Monday. This consolidation phase has left traders eager to see which direction the altcoin will take in the coming days.
Runefelt recently shared a technical analysis on X, highlighting that Solana is breaking out of a 1-hour Falling Wedge pattern, a bullish signal.
The immediate upside target is $159.6, a level that, if broken and sustained, could lead to a massive surge toward $185—a significant move that would position Solana near its yearly highs.
Despite this bullish setup, the market remains cautious, and there is still the risk that Solana could fail to reclaim key levels. If the price struggles to break and hold above the $159.6 resistance, the current consolidation could persist or even lead to a potential pullback, with downside targets near $148. Such a scenario would disappoint bulls looking for a rally and could dampen market sentiment temporarily.
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A confirmed breakout and sustained momentum could signal the beginning of a new bullish phase, attracting both retail and institutional investors.
However, the risk of a failed breakout looms, keeping market participants on edge. Traders are watching closely as Solana’s next move will likely set the tone for its performance over the next few weeks. If it breaks through resistance, SOL could be well on its way to challenging yearly highs.
Technical Levels To Watch
Solana is currently trading at $154 after finding support at the 200-day moving average (MA) at $150.7, a critical level that signals long-term strength if it holds as a demand zone. This MA has historically acted as a key indicator for market trends, and holding above it would reinforce the bullish outlook for SOL.
For bulls to maintain momentum, the price must stay above the 200-day MA and push to break the crucial $160 resistance, a level that has capped Solana’s upward movement since early August. Breaking through this resistance would signal a potential surge in price, opening the door to further gains in the coming weeks.
However, if SOL fails to hold above the 200-day MA and cannot overcome the $160 resistance, it risks a corrective move. A drop below the 1D 200 MA could lead to a decline toward $140, a level that will play a pivotal role in determining the next phase of Solana’s price action.
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Bulls and bears alike are closely watching these key levels, as the next move could set the tone for Solana’s performance in the near term.
Featured image from Dall-E, chart from TradingView
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