Analysts at More Crypto Online predict that Solana (SOL) will soon reach $164, where possible resistance might be encountered. 

The analyst further points out another potential resistance level at $181. He points at Solana’s current stability and upward momentum, suggesting a robust outlook despite anticipated fluctuations. He identifies the mentioned resistance area as stemming from an ABC structure, possibly representing wave one of a larger count or wave four of another. According to the expert, this structure plays a role in understanding Solana’s market behavior, with no clear evidence pointing to a downtrend. He further highlights the continued potential for an increase in Solana’s price, with a bullish market projection that could see figures reaching $400 or more. This comes as Raoul Pal also speculates the altcoin is about to explode along with Sam, another analyst who also believes the same is bound to happen.

Regarding market movements, he points out that SOL’s price has been notably less volatile recently, hinting at a possible breakout soon. As long as the 78.6% retracement level holds, the expert believes a bullish wave rally is anticipated, potentially pushing the price to around $164.

According to the analyst, this target is a 100% extension of the previous wave. However, the expert advises caution, suggesting that entering a long position might be premature until a deeper pullback in wave five of A occurs or the orange support region is reached.

Solana Price Review: How Is SOL Doing Today?

Looking at an in-depth analysis, we notice that SOL was trading at $159 as of 11:40 a.m. UTC, showing a 3.35% increase in the day’s valuation according to CoinMarketCap. Solana charts show an ascending channel pattern, indicating a positive sentiment among traders. If the uptrend persists, and Solana remains above this support level while also avoiding a breakout below the lower boundary of the ascending channel, we could expect the price to test the channel’s upper boundary to hit new highs.

1-hour SOL/USD Chart | Source: TradingView

Furthermore, the Money Flow Index (MFI) is at 57.28, below the overbought threshold of 80. This suggests there is room for upward price movement before the asset becomes overbought. The Average Directional Index (ADI) is at 22.27, indicating a moderate trend strength, which, in the context of the current chart pattern, could mean the current uptrend has the potential to continue.

However, the bullish scenario has potential pitfalls. If the price of Solana breaks below the ascending channel pattern, this could indicate a bearish reversal. Such a break could lead to a retest of the $128 support level. If this level fails to hold, the following levels of support might be significantly lower, and traders might expect a steeper sell-off.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.