Solana price is eyeing a parabolic rally to $300 according to a top crypto trader. The trader observed that SOL had formed a bullish setup on the CME futures chart and was following Ethereum’s path in 2021 when the largest altcoin rallied to record highs. As the momentum shifts to bullish, let’s explore if SOL can attain this target.
Solana Price Eyes $300 as CME Futures Flash Bullish Sign
According to top crypto trader BitBulls, Solana price may be on the verge of a rally to $300. This analyst observed that SOL was following a clear accumulation and breakout pattern on the CME chart. This pattern mirrors the Ethereum 2021 trend that preceded a massive move for ETH to the upside.
BitBulls further observed that the key accumulation zone for SOL is between $120 and $130. As more traders accumulate at this zone, it may trigger a parabolic Solana price rally to a fresh all-time high above $300.
Several factors, such as onchain data, support this top trader’s bullish thesis. Analyst CryptoPatel noted that network activity on the Solana blockchain is on the rise. In the last seven days, more than $120M has been bridged to SOL, indicating that Web3 users are turning to the blockchain.
He further added that the crowd sentiment on Solana price is shifting after the SOL/ETH ratio surged to an all-time high over the weekend.
As traders accumulate when the crowd sentiment is positive and on-chain data is bullish, it supports the Solana price forecast of a rally past $300.
Key Levels to Watch in Solana Price
Solana price is currently trading within a key demand zone as depicted on its one-day price chart. This means that traders are accumulating SOL at this zone as they anticipate an upswing.
Once SOL bounces from this demand zone, it faces the first resistance level at $180. This level previously served as critical support, with a breakout above it set to flip the market structure from bearish to bullish.
If Solana can make a decisive close above $180, it will clear the path for the next bullish leg to $237. If the buying pressure is still strong at this level, SOL can target forming a fresh all-time high.
Looking at the RSI, it is clear that buyers have resumed. This indicator stands at 54, which is its highest level since late January. This further shows that the bullish momentum is growing stronger.
Given the setup on the CME futures chart, it is likely that a new all-time high for Solana price may be in sight. The shifting market sentiment and a change in the market structure to bullish further make it possible for SOL to reach $300.
Frequently Asked Questions (FAQs)
Solana price can reach $300 if there is a surge in buying activity. The level of buying activity around SOL is also rising after SOL entered an accumulation zone between $120 and $130.
The CME futures chart shows that Solana is following the 2021 Ethereum bull run. This bullish setup makes it likely that Solana will reach $300.
The main levels to watch in Solana price are $180 and $237. If SOL flips these levels, it will flip the current market structure from bearish to bullish.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/solana-price-eyes-300-rally-as-top-trader-spots-bullish-setup-on-cme-futures-chart/
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