Emily Walker
Recently, Solana (SOL) has experienced remarkable gains, establishing itself as a standout performer in the current cryptocurrency bull market. This upswing has led to increasing optimism among the community regarding the possibility of SOL climbing to new resistance levels or even reaching new highs.
Is a More Extended Rally for Solana on the Horizon?
The prominent altcoin Solana has witnessed a significant breakout, indicating a pivotal change in its price trajectory and technical setup. This recent breakout highlights the resilience of the cryptocurrency, as it managed to rebound after a notable decline on Tuesday evening.
According to insights from Rose Premium Signals, SOL has exhibited consistent strength, progressing in a clear upward direction and breaking through a persistent resistance. Following this breakout, they have identified a bullish pattern forming around the altcoin, reinforcing expectations for even higher price targets in the upcoming weeks.
Following their analysis, Rose Premium Signals has identified potential upsides for SOL, forecasting targets of $268, $320, and $367, demonstrating confidence in an imminent significant rally as the bullish trend continues.
As SOL continues to break through essential resistance levels, a further enhancement of its bullish momentum could make a substantial surge to new highs likely. This progress is facilitated by a thriving Solana ecosystem, which may attract more investors over time and greatly influence its market price.
Trader Tardigrade, a market analyst and crypto influencer, also shares a strong belief in the potential for a significant rally. Analyzing the current market activity, the expert haspredicted that SOL might soon reach critical price targets, potentially achieving an all-time high.
The predictions made by Trader Tardigrade stem from a recent bullish breakout from a two-week descending trendline that had been constraining SOL’s price. This indicates a rebound in strength for the cryptocurrency, propelling its price towards key resistance levels that could ignite positive momentum. Given the robust upward force and growing investor optimism, the expert forecasts the altcoin could reach valuations around $300, $500, and even $1,000 by 2025.
Ready for SOL to Rise
In a previous update, Trader Tardigrade pointed out another significant trend for SOL on the daily chart, indicating that the asset appears to be preparing for a major rally. The expert observed that Solana closed above the 50-Weighted Moving Average (WMA) on a daily basis, kicking off a rebound. With favorable conditions for recovery following a recent downturn, Trader Tardigrade asserts that now is the moment for SOL to experience another surge.
As of now, SOL is trading at approximately $236, reflecting a slight decrease of 0.05% over the last day. The altcoin has also faced a nearly 2% drop on the weekly chart. Despite the recent dip in price performance, there remains optimism among investors, evident from an over 14% rise in daily trading volume.