The Solana network recently saw an encouraging breakthrough in the cryptocurrency market. After a 234-day consolidation period, Solana (SOL) price finally broke through the crucial $190-200 resistance, paving the way for a potential 900% upside. With SOL currently trading at $219.05, investors and analysts are wondering if this bullish momentum could propel the token as high as $1,000 by the end of the current cycle.
Written by Thomas
Updated on 12/11/2024 at 12:15 by Grings
The 900% potential of Solana
During the last bull run in 2021, the price of Solana has climbed 900% after completing a 117 day consolidation. This type of bullish breakout just happened, and if history repeats itself, Solana is likely to soar well beyond $1,000 and potentially up to $1,900.
Analysts point out that the recent bullish breakout was accompanied by high trading volume, confirming the validity of the positive trend. This heavy volume during a breakout is usually a positive sign, indicating that the move is not a false breakout.
Additionally, the multi-year bullish pennant formation is a positive indicator, suggesting the continuation of the upward trend. Factors such as the election of Donald Trump for the presidency of the United States and the filing by Canary Capital of a Solana ETF application with the SEC are all elements which should support a significant increase in the price of SOL up to $1,000 and beyond.
Target of $400 for Solana
Solana price predictions indicate a strong uptrend that has just broken through a key resistance zone (around $180-200). This breakout indicates positive momentum, suggesting that the asset could continue to advance, particularly if it sustains above the $200 threshold.
The recent robust bullish candle breaking above the resistance zone with high volume is evidence of aggressive buying. This is confirmed by an increase of 27% of daily trading volume according to CoinMarketCap data. This indicates that bulls are in control, likely to drive prices to higher levels without a significant correction.
The next key levels to watch include the extension of 0.27 to $260 and the extension of 0.618 to $330. They could be areas of resistance as Solana price continues to rise. Beyond these targets, SOL price could quickly jump to $400. A significant level of psychological resistance.
Conversely, if Solana experiences a pullback, the previous resistance zone at $180-200 should now serve as a solid support, providing a springboard to bounce back from.
Is the SOL token ready for the bullrun?
Solana’s recent price breakthrough has put the token back on track for a potential massive advance. With a 2% gain in the last 24 hours, SOL is now trading at $215, just 17.44% below its previous all-time high.
Analysts believe Solana could reach $1,000, or even $1,900by the end of the current cycle. Relying on factors such as high trading volume and favorable regulatory developments.
The next key step would be a crossing of the levels of 260 $ et 330 $paving the way for a goal of $400. Although a pullback cannot be ruled out, the $180-200 zone should now serve as strong support for Solana.
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