Solana to $220?

-

Solana is gaining momentum after reclaiming the $150 resistance level, but what’s next? One analyst thinks the future is bright.

Bullish indicators point to an incoming rally

Technical analysis shared by crypto expert Ali Martinez suggests that Solana could be on the verge of a big rally, with the potential to hit $200 or more.

Solana
X

Martinez showed a so-called “Adam and Eve” pattern on Solana’s four-hour chart, a classic, textbook bullish reversal signal in technical analysis.

This pattern, typically marked by a sharp, V-shaped dip, the “Adam“, followed by a rounded, U-shaped bottom, the “Eve“, often signals that a price jump is coming.

And if we take a look to the graph, we can see that Solana experienced a drop to around $108, then rebounded to approximately $156, forming the “Adam” portion of the pattern.

The ongoing development of the “Eve” phase suggests that SOL is nearing a critical resistance level around $164.

If Solana successfully breaks through this resistance, Martinez’s analysis points to a potential price target of $220.

The bullish outlook depends on Solana clearing this key resistance. Failure to do so could invalidate the pattern, obviously.

Downtrend

Another analysis by TraderSZ also supports the bullish outlook for Solana.

The analysis notes that SOL broken through a strong downtrend resistance line on its daily chart, a move that, along with increased buying volume, suggests the potential for further upside momentum.

Solana
X

Daily hopium

The analysis outlines several critical levels to watch, including immediate resistance at $196.30, followed by a psychological barrier at $299.90.

Should the current bullish momentum persist, Solana could target $374.50 and even $518.30.

It’s pretty… optimistic. On the downside, support levels are identified around $130.70 and $80.00, which could act as pullback zones.

At the time of writing, Solana is trading at $160, reflecting a 7% increase in the last 24 hours and an 11% gain over the past week. Nice, but it’s enough for a rally?

Have you read it yet? Binance plans to hire 1,000 new employees


Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.

LATEST POSTS

Justin Sun, Liberland, and Forbes, the daily dose of crypto drama

Oh, Justin Sun. The man, the myth, the blockchain billionaire who somehow manages to stir up headlines wherever he goes. This time, though, he’s not...

Jurassic World meets Teletubbies, and this is not a B-movie

Sandbox is back with its fifth Alpha season, and it’s bringing the big guns, dinosaurs, Terminators, and even Teletubbies. Starting March 31, this Ethereum-based gaming metaverse...

EU banks are missing the crypto boat?

There's a disconnect brewing in the EU's financial scene. Despite rising demand for cryptocurrency services, fewer than one in five European banks are offering digital...

Government’s Bitcoin moves spark volatility

Listen up, the crypto community is abuzz once again, and this time it's all about the U.S. government making some big moves with Bitcoin. They've...

Most Popular

Guest posts