Solana News: SOL Price Eyes ‘Absolute Monster Run’ to $300 as Bull Flag Repeats
- Analysts highlight Solana’s bullish signals, predicting a breakout with targets of $300 and potentially $440 if the trend continues.
- Key levels to watch include $235 for a bullish trend confirmation, with Solana’s support levels offering a foundation for a strong rally.
Over the past 25 days, SOL has faced a downtrend with lower highs and lower lows in the short term. Despite this, Solana (SOL) is showing signs of a bullish resurgence following its recent decline from its all-time high of $264.
Analysts predict a potential breakout as Solana appears to be repeating a “bull flag” fractal, similar to the pattern that led to a triple-digit rally earlier in 2024. According to a recent CNF update :
Solana ($SOL) has been riding high as a key pillar in the crypto world. But there’s a whisper echoing through blockchain circles, and it doesn’t bode well for Solana’s $240 price tag.
Nevertheless, the current setup suggests a possible price target of $320 based on the 1.618 Fibonacci extension, with a longer-term goal of $440 if the trend continues. Key bullish signals include a retest of the 50-day exponential moving average and the RSI resetting below 50, both of which align with previous breakout scenarios.
Analysts Call for a “Monster Run”
Solana’s performance has lagged behind Bitcoin and Ethereum in recent weeks, with SOL posting just a 1.61% gain compared to Bitcoin’s 17.49% and Ethereum’s 26.96%. Despite this, prominent traders remain optimistic.
Anonymous analyst Jelle recently highlighted Solana’s support levels against Tether, Bitcoin, and Ethereum, suggesting a strong foundation for a potential rally.
Entire timeline troll-posting $SOL while it's testing support against USD, ETH and BTC at the same time
Hmm pic.twitter.com/H2jpah4ru8
— Jelle (@CryptoJelleNL) December 16, 2024
Another trader, Zer0, has dismissed fears surrounding SOL’s recent price movements, labeling them as a routine breakout and retest of prior resistance levels. Meanwhile, Daan Crypto emphasized the importance of Solana breaking above $235 to establish a bullish trend and achieve higher highs in the short term.
Solana Eyes $300 as Momentum Builds
While short-term resistance levels remain, the broader outlook suggests that SOL may be on the cusp of a significant rally, with the $300 mark firmly in sight.
To this end, Solana’s long-term indicators and historical patterns point to a strong upward trajectory. As of today, Solana (SOL) is trading at $216.84, down 1.38% in the past day and 1.95% in the past week.
Recommended for you:
- Solana Wallet Tutorial
- Check 24-hour Solana Price
- More Solana News
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Senate Banking Committee cancels confirmation vote for SEC’s Caroline Crenshaw
In the meantime, Trump will name either Commissioner Hester Peirce or Mark Uyeda as acting chair
Trump family crypto project WLFI reaches cooperation with Ethena Labs
Affected by the cooperation news, ENA rose by about 8% in a short period of time