With massive gains over the past few days, Solana has shown true potential in this ongoing bull cycle, making SOL one of the best-performing crypto assets in the market. As a result of the upswing, there is growing confidence within the community about the likelihood of SOL surging to higher resistance levels or a new peak.
An Extended Rally For Solana’s Price?
Leading altcoin Solana has achieved a critical pattern breakout, which marks an important turning point for SOL’s price action and technical formation. The recent breakout shows the crypto asset’s resiliency, triggering a rebound once more after SOL fell sharply on Tuesday evening.
According to Rose Premium Signals, SOL has been demonstrating steady strength as it moves forward in a clear upward trend, breaking past a flat resistance. As a result of the breakout, the platform highlighted that the altcoin has formed a bullish framework, supporting its potential to reach even higher targets in the upcoming weeks.
Following a thorough examination of the breakout, Rose Premium Signals has placed the next possible upside targets for SOL at the $268, $320, and $367 levels, indicating his strong conviction of an impending notable rally as the bull market progresses.
As SOL breaks through key resistance levels, it could further bolster its bullish momentum, making a huge rally to higher highs possible. This development comes in light of the growing Solana ecosystem, which might draw in more investors over time and significantly impact its price.
Trader Tardigrade, a market expert and crypto content creator, also strongly believes in a huge rally. Delving into the altcoin’s current price action, the expert has forecasted that SOL could soon touch key targets, possibly achieving a new all-time high.
Trader Tardigrade’s prediction is based on a bullish breakout from a 2-week descending Trendline that has been keeping SOL’s price in check. This move suggests renewed strength for the digital asset, pushing its price toward pivotal resistance levels that may spark upbeat momentum. Given the robust upside strength and rising optimism among investors and traders, the expert foresees the altcoin to be valued at about $300, $500, and $1,000 by 2025.
Time For SOL To Surge
In a previous post, Trader Tradigrade also cited another key trend for SOL on the 1-day time frame, suggesting that the asset is gearing up for a significant rally. According to the expert, Solana witnessed a daily close above the 50-Weighted Moving Average (WMA), triggering a price rebound. Since there are sufficient bouncing conditions from the recent pullback, Trader Tardigrade claims it is time for SOL to surge once more.
At the time of writing, SOL was positioned at the $236 price level after a decline of 0.05% in the past day. In the weekly time frame, the altcoin has also fallen by nearly 2%. Despite the waning price performance, investors may still be optimistic about a leg-up as indicated by an over 14% increase in daily trading volume.
Featured image from Adobe Stock, chart from Tradingview.com
Source: https://bitcoinist.com/solana-makes-a-critical-pattern-breakout/