2024-10-22 19:27 |
After a brief retracement, the Solana price has found support at the $163 mark and is currently trading at approximately $168. The cryptocurrency is again approaching a significant resistance level at $170, which has posed a challenge for the token over the past month.
Despite the recent fluctuations, bullish sentiment surrounding Solana remains strong among analysts. Many are projecting new all-time highs above its previous record of $259, set in November 2021.
Analysts Eye Potential Bullish BreakoutIn the past 24 hours, Solana has rebounded nearly 3%, although trading volume has dipped by about 2%, according to data from CoinGecko. This decline in volume indicates that despite some profit-taking, bullish investors continue to show interest, particularly after the recent retracement.
Crypto analyst Byzantine General has noted that buying pressure appears to be strengthening at lower support levels, with traders eager to capitalize on dips experienced by the Solana price in the short term.
Looking at the bullish predictions, Captain Faibik recently suggested in a social media post on X (formerly Twitter) that Solana is poised for a “bullish pennant” breakout following a prolonged consolidation period observed on the 3-day SOL/USDT chart.
Faibik believes that a successful breakout from this pattern could propel Solana to a new all-time high of $400 within the current bullish cycle, expected to last at least through the first quarter of 2025. However, this forecast is somewhat conservative compared to the more audacious prediction from market expert Crow.
How The Solana Price Could Reach $800In a separate social media post, Crow indicated that the Solana price could surge by approximately 400% during this bull run, recalling the previous price actions of the 2021 uptrend.
The expert highlighted that the last bull cycle featured two distinct phases: the rise from $3 to $50 and another jump from $25 to $250. He notes that Solana has progressed from $16 to $200 this time, and he foresees a possible climb from $200 to $800.
Despite the bullish predictions, it is important to recognize that bull cycles do not typically progress in a straight line. Historical data illustrates this point, with Solana experiencing significant retracements of over 20% on August 5 and September 6, respectively.
To navigate these fluctuations effectively, it is essential to analyze SOL’s daily chart and identify key support levels that, if maintained by bullish investors, could help prevent further declines.
In the event of a deeper correction, the first crucial support level to watch is the $160 mark. Additional support levels are identified at $153 and $145.
The most significant support, however, is located in the $127 zone. This level has proven resilient throughout the token’s consolidation phase in past months, effectively halting further price declines and safeguarding the critical $100 mark.
Featured image from DALL-E, chart from TradingView.com
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