Analyst Projects Solana's Price Roadmap from $147 to $205 Amid Bullish Momentum
Solana's Bullish Price Forecast
As Solana (SOL) continues to show potential for sustained bullish momentum in its quest to reclaim the $200 resistance level, an analyst has projected a potential breakout. Crypto trading expert RLinda highlighted that, despite recent volatility triggered by macroeconomic factors, Solana has been navigating a period of consolidation within a significant bullish trend.
Technical Analysis and Key Levels
- The daily chart indicates that Solana is in a consolidation phase within a triangle formation, typical of an existing trend’s continuation.
- The upper boundary at $162.45 is a significant resistance level.
- Key support levels to watch are $141.20, $136.70, and $126.40.
- The 0.5 Fibonacci retracement level around $137 may offer a buying opportunity before an upward breakout.
Long-Term Outlook for Solana
The weekly chart reveals a larger triangle pattern emphasizing the importance of the $162.45 resistance level. If the price breaks this barrier, the next targets could be at $188.32 and $205.20, signalling a strong bullish outlook despite short-term fluctuations.
As of now, with Solana trading at $144.84, a breakout could drive prices higher, positioning Solana as an asset to watch closely.
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