Even though Solana seems to have lost its recent upward momentum, leading to a notable pullback to the $136 price level, there is a possibility that the brief bullish move was just the beginning of a much bigger upsurge. In light of the pullback, many crypto analysts have predicted a potential price reversal for SOL in the upcoming weeks.
Next Notable Rally To Push Solana To $235
Many crypto assets have shown potential for a bullish breakout, and one of them is Solana. After examining recent price action, IC News, an informative platform, outlined that SOL is positioning itself for a major rally in the short term.
IC News’ bold prediction is based on SOL’s recent breakout from a key chart pattern, particularly the Falling Wedge formation. A Falling Wedge formation is a key technical pattern characterized by two trend lines sloping downwards. Typically, this pattern acts as an indicator of a price reversal after a period of downside performance.
SOL’s recent breakout has bolstered its ability and momentum, signaling the potential for further upward movements. With favorable market conditions, the altcoin is likely to see a sustained rally, surpassing key resistance levels.
The platform highlighted that Solana has maintained bullish momentum since it broke above the upper trendline of the falling wedge pattern on March 19. Furthermore, the breakthrough has held up well, and SOL continued to rise in the following days.
Since the pattern is validated in the daily time frame, IC News noted that Solana is currently aiming at the $235 price range. According to the platform, this level is obtained by summing up the breakout level by April and the maximum height of the falling wedge formation. However, macroeconomic variables and resistance levels may still influence the pace of this anticipated rise.
Is SOL’s Price Heading For A New All-Time High Soon?
Following the renewed upsurge, technical analyst Rose Premium Signals has also pointed out a promising outlook for Solana in the short term. Rose Premium Signals predicted that the altcoin is gearing up for its next major leg up to a new all-time high.
In the weekly time frame, SOL has shown a strong bullish structure after a perfect recovery from the critical $120 support zone. Solana’s price seems to be holding above the demand zone. Other key takeaways in SOL’s performance are rejection wicks and a classic bullish market structure continuation in play that indicates strength.
As a result, Rose Premium Signals has placed the target for the altcoin at the $222 level once it undergoes a leg-up. The anticipated rally could push SOL as high as $316, marking a new all-time high. “Accumulation under $140 was a gift, and now the breakout rally could just be getting started,” the analyst stated.
Featured image from Unsplash, chart from Tradingview.com
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