Bullish momentum has returned in the overall crypto market bolstering major digital assets equivalent to Solana toward an upward direction once more. As SOL gains traction, certain key indicators and chart formation are pointing to a possible upsurge for the altcoin within the upcoming weeks.
An Impending Move To Higher Levels For Solana
Recent price motion shows that Solana could possibly be on the point of a big upswing. Market technician and investor Jonathan Carter points to a move that may spark a rally near SOL’s current all-time high of $264.
The expert cites a possible bullish breakout from a critical chart formation, particularly the Descending Triangle pattern that can fuel the anticipated huge upsurge. His chart shows that SOL is at a vital junction, hinting at a continuation of its upside momentum if the asset breaches current resistance levels.
It will be important to notice that descending triangle formations are bearish chart patterns formed by a series of lower highs and a lower resistance level. Nevertheless, Jonathan Carter highlighted that the altcoin is maintaining its position above the lower fringe of the chart formation within the 8-hour time-frame.
Currently, SOL’s upward momentum is being faced by a sturdy resistance provided by the broken ascending lower line. Should the altcoin surpass this strong resistance, the expert is confident that SOL might experience a rally to the $262 threshold. Other key price levels to look at along the best way include $204, $222, and $245.
Carter’s prediction coincides with growing optimism in the overall crypto market as Solana continues to realize recognition for its robust network activity and expanding user base. Given the growing upward strength coupled with the heightened adoption, the breakout may trigger a recovery of its current peak, cementing its position as a top-performing altcoin.
SOL’s Path To $200 And Beyond Holds Strong
Solana appears to be poised for a notable run in the approaching days following a recent market uptrend. Pro-crypto trader and analyst Natalie Dormer also foresees a path to the $200 mark and beyond for Solana amid macroeconomic conditions just like the US10 Government bonds.
Natalie Dormer’s optimistic forecast is triggered by a breakout from a solid bullish flag pattern, indicating an extension of its upward move. In line with the expert, SOL’s breakout from the formation might be linked to the US CPI data, which was generally mixed and somewhat lower than expected.
Following the announcement of the CPI data, US10 Government bonds dropped sharply by almost 3%, resulting in weakness in USD-related assets. Thus SOL now has a greater probability of accelerating further, targeting $211 and a maximum of $230 based on the present data as indicated in her chart.
Presently, Solana has risen to the $202 level, demonstrating an almost 7% increase previously day. This renewed strength has rekindled investors’ positive sentiment as its each day trading volume has spiked by over 61%.
Featured image from iStock, chart from Tradingview.com