- Solana has a strongly bullish market structure.
- Trading volume and momentum have been sizeable as SOL breached the range high.
As a seasoned researcher with a decade-long experience in the crypto market, I must say that Solana [SOL] looks incredibly promising at this juncture. The altcoin has broken out of its six-month range and is on a trajectory toward new highs.
For approximately half a year, Solana [SOL] has been trading between $122 and $187. However, it has managed to break free from this range. Looking ahead, experts predict a potential long-term goal of $290 for the altcoin, with its all-time high currently at $259.96.
Over the last week, Solana’s growth surpassed that of both Ethereum (ETH) and Bitcoin (BTC). Experts anticipate it will continue to climb, possibly dipping towards around $184 in the near future.
Solana price prediction shows another 21% move higher is likely
As an analyst, I observed a robust bullish development in the Solana market. The price breakout indicated a strong upward trend, which was further reinforced by the elevated trading volume. Moreover, the Chaikin Money Flow (CMF) stood at +0.21, suggesting substantial inflows of capital into the SOL market. In summary, these indicators collectively pointed towards a bullish outlook for Solana.
As a crypto investor, I’ve been closely watching the market, and based on the Fibonacci levels derived from the February and March rally, it appears that my next bullish targets are set at $241 and $291. The current bullish fervor in the market might lead to significant pullbacks, but I believe Solana is well-positioned for a long-term uptrend.
For approximately the last six weeks, the Awesome Oscillator has predominantly stayed above zero, indicating that the advantage has been with the buyers. Consequently, it’s anticipated that more increases are likely to occur. However, the 2024 high at $210 might serve as a resistance point, potentially challenging the bullish trend.
Can Solana breeze past the $210 resistance?
The one-month analysis of liquidation points revealed a concentration of these points ranging from approximately $202 to $225. This suggests that this region may temporarily halt Solana purchasers, potentially leading to a brief period of trend reversal.
In the southern region, a considerable amount of liquidity could be found at around $150. It seemed improbable that a substantial pullback towards such low levels would occur, given that Bitcoin was currently being traded above $70,000.
Read Solana’s [SOL] Price Prediction 2024-25
As a researcher examining the 48-hour heatmap, I’ve identified the $184 level as a temporary attractive point for price movement. It seems to exert a pull on prices prior to an anticipated upward trend.
Hence, a retest of the $180-$190 area should be regarded as a buying opportunity.
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2024-11-08 14:15