Solana bulls eye $154: What to expect after the breakthrough?

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  • Solana regained a bullish market structure.
  • The two key resistances overhead could initiate a trend reversal.

As a seasoned analyst with years of experience under my belt, I’ve seen many market cycles come and go, and I must say that Solana’s recent bullish structure has piqued my interest. The steady buying pressure in September, coupled with Peter Brandt’s optimistic outlook, suggests we might be witnessing the start of a significant rally for SOL.

In September, Solana (SOL) experienced consistent demand from buyers, as suggested by a recent analysis. This increase in spot CVD suggests genuine interest, implying that the current uptrend might be long-lasting.

Following a dip to $141.1 on September 22nd, SOL has experienced a 5.85% increase and currently trades at $149.3 as we speak. Additionally, technical analyst Peter Brandt anticipates that SOL could surge significantly after its six-month consolidation period.

Mid-range resistance opposes SOL bulls

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For the last four months, Solana’s price has fluctuated between $122 and $186. The middle point at $154 represents a 50% retracement point, derived from its rise during February and March.

At this juncture, the cluster of obstacle points proved challenging to overcome, yet the optimism among buyers remained evident. The accumulation-distribution index maintained an upward trajectory throughout September, highlighting persistent purchasing power.

Each day, the Relative Strength Index (RSI) surpassed the neutral 50 point, suggesting a change in momentum. As a result, it seems plausible that Solana’s (SOL) price may increase beyond $154.

Another hefty supply zone right above the key resistance

If the trading day concludes with a higher price than $154, it could be seen as hopeful; however, the struggle wouldn’t have been fully won yet. The price graph suggests that the recent highs of the last two months were around $160 to $163.

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Read Solana’s [SOL] Price Prediction 2024-25

AMBCrypto analyzed the liquidation heatmap and found a cluster of liquidation levels at the $162-$166 area. This magnetic zone will likely attract Solana prices to it before forcing a bearish reversal.

Until the price reaches $165, investors should exercise caution as they might choose to secure their profits at $154 or $160. More conservative participants may prefer to stay on the sidelines until the $165 level is surpassed.

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2024-09-26 20:07