SOL

Solana Breakout From Bullish Pattern Could ‘Send SOL To The Moon’ – Crypto Analyst

Published

1 month ago

October 25, 2024

Este artículo también está disponible en español.

Solana (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.

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.

Solana breaking out of Cup & Handle pattern | Source: Carl Runefelt on X

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.

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.

SOL holding strong above $171 | Source: SOLUSDT chart on TradingView

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.

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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Altcoins

This Solana Rival Is Looking Great Amid Bitcoin Pullback, Says Top Crypto Analyst

Published

19 hours ago

November 27, 2024

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A closely followed crypto analyst says that one Solana (SOL) rival is exhibiting market strength despite Bitcoin’s (BTC) pullback to the lower $90,000 range.

Pseudonymous analyst Pentoshi tells his 822,400 followers on the social media platform X that the native token of the layer-1 blockchain Sei (SEI) is primed for another leg up.

“SEI is another one that not only looks great with a high timeframe flip and clear invalidation, but also holding up very well like many alts on this BTC pullback. Here is the daily and weekly. Just to compare to a similar setup shared [on November 23rd]. When BTC chills out, alts should continue up.”

SEI is trading for $0.69 at the of writing, up 12.9% in the last 24 hours.

The analyst is also bullish on the modular blockchain network Celestia (TIA) after the native token took out its resistance at around $7.00.

“Really strong, and we should see it continue higher.”

TIA is trading at $8.22 at time, up 3.9% in the last 24 hours.

The analyst believes that many altcoins may start outperforming Bitcoin. He shares a chart of the Bitcoin Dominance (BTC.D), which has suddenly dropped out of the 60% range. The BTC.D index tracks how much of the total crypto market cap belongs to Bitcoin. A bearish BTC.D chart suggests that altcoins are about to outshine Bitcoin.

“Looks a lot more convincing 1732712443 and our large/mid caps have made some decent moves in terms of both USD and BTC pairs.”

The BTC.D is hovering at 58.61% 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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SOL

Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst

Published

2 weeks ago

November 14, 2024

admin

Este artículo también está disponible en español.

Solana recently broke its yearly high at $210, sparking a surge in trading activity as the altcoin now attempts to consolidate above this key level. This period of volatile price action highlights Solana’s strong position within the market, as investors watch for signs of a further breakout.

Top analyst and investor Immortal recently shared an insightful technical analysis comparing Solana’s chart to Bitcoin’s historical price movements, suggesting that Solana’s next breakout may be imminent.

As the market reaches new highs, Solana’s ability to hold above $210 could indicate strength, drawing in additional interest from retail and institutional investors. In the coming days, Solana’s price action will likely clarify whether this consolidation phase is merely a pause before a more substantial move.

With the broader crypto market reaching unprecedented levels, Solana is positioned at a critical juncture, and traders will closely monitor its performance for signs of a continuation of its upward trajectory.

Solana Preparing For A Rally

Solana appears poised for a significant rally, having broken out of an 8-month accumulation phase that began in March. This critical development has caught the attention of top analyst and trader Inmortal, who shared an analysis on X, comparing Solana’s recent chart patterns to those of Bitcoin. His technical perspective suggests that Solana mirrors Bitcoin’s past price movement and could be on the cusp of a substantial surge.

Solana price chart compared to BTC | Source: Inmortal on X

Following its break above the yearly high of $210, Solana’s next target is likely to be its all-time high of $258. This level is viewed by many as a critical resistance, and a successful test could pave the way for even greater price gains. The breakout from such an extended accumulation phase has bolstered confidence in Solana’s bullish structure, and the market is closely watching for signs of sustained momentum.

The timing of this potential move is also strategic. As Bitcoin consolidates just below its all-time high, a period of stability could provide the perfect window for altcoins, particularly Solana, to gain traction. This pause in Bitcoin’s rally allows liquidity to shift toward other strong projects, positioning Solana well for a possible continuation of its upward trend.

The next few days will be pivotal for Solana as traders look to see if it can sustain support above $210. If Solana holds this level and momentum remains, a push toward the $258 all-time high could unfold rapidly, further solidifying its role as a leading altcoin in the market’s current bull phase.

SOL Testing Last Supply Levels Before ATH

Solana is currently trading at $220, having broken its yearly highs, yet it’s now encountering some volatility as traders assess the next move. With SOL just 17% away from its all-time high of $258, many are watching closely to see if it can sustain this momentum without giving traders any lower entry points.

SOL 17% away from ATH | Source: SOLUSDT chart on TradingView

The $210 support level is particularly crucial in the coming days. If SOL fails to hold above this mark, a short-term correction could drive prices lower, potentially offering some breathing room for buyers looking to enter before the next rally. However, should SOL remain steady above $210, the likelihood of a rapid push to new highs becomes even stronger, as it signals ongoing bullish strength in a market eager for upward movement.

As Solana continues to consolidate at these elevated levels, a decisive break could ignite a swift rally, drawing in both retail and institutional interest. Traders are preparing for either outcome: a brief correction as a buying opportunity, or a breakout that takes Solana into uncharted territory, setting new highs and reaffirming its place among top-performing altcoins this cycle.

Featured image from Dall-E, chart from TradingView

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Altcoins

Ethereum Rival Solana in All-Time High ‘Waiting Room,’ Says Crypto Analyst – Here’s His Outlook

Published

3 weeks ago

November 9, 2024

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A widely followed analyst and trader is leaning bullish on a large-cap altcoin amid a broader crypto market rally.

The analyst pseudonymously known as Pentoshi tells his 809,700 followers on the social media platform X that Solana (SOL) is in the “all-time high waiting room.”

On the weekly time frame, Pentoshi shares a chart suggesting that Solana has formed a double-bottom pattern, a technical analysis structure that’s typically considered bullish as buyers step in to keep an asset from printing new lows.

According to the widely followed analyst, Solana is on the cusp of taking out its resistance at around $204, which has kept SOL bearish since 2022.

“While there could be some short-term resistance ahead, I don’t expect to last too long.

Structurally this looks great, and in my opinion, dips are for buying.

It should be challenging all-time highs this month.”

The analyst also says his long-term target for Solana is a price around 110% above the current level.

“Above $200 and it likely sees all-time highs shortly after. Long-term target $420.69. Not a cent higher.”

Solana is trading at $200 at time of writing, up by around 20% this month.

Turning to the wider altcoin market, Pentoshi says that TOTAL3, which tracks the total market cap of all crypto assets excluding Bitcoin (BTC) and Ethereum (ETH) and stablecoins, is likely to rise by about 14% from the current level.

“Altcoins. I think we will see a breakout in the near future and move back towards the $760 billion mark. It keeps knocking at this and I believe the space got the green light.”

The market cap of TOTAL3 is hovering at $668 billion.

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