Solana Price Analysis: Multi-Month Resistance Break Paves SOL’s Path to $200
bull run
Price Prediction
Solana
The breakthrough edges closer to the impending breakout of a massive “cup and handle” pattern forming since late 2021.
Last updated:
October 21, 2024 10:08 EDT
Junior Content Creator
Harvey Hunter
Junior Content Creator
Harvey Hunter
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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
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Last updated:
October 21, 2024 10:08 EDT
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In a turnaround, the Solana price has affirmed a break above the $160 multi-month resistance, with a 5.84% jump.
This critical level has bound SOL in consolidation since July, making a further move to the coveted $200 mark seem attainable.
Indeed, today’s uptick represents a move away from Solana’s recent stagnancy, now up 10.24% since last Monday. It seems that Solana is finally joining the party as other notable altcoins ride the bullish wave this month.
This inflection point has spurred a new wave of investor interest in Solana, with a 96% explosion in trading volume to $3.4 billion over the
past 24 hours
.
Solana Price Breaks $160 Resistance: Is $200 Next?
With this push, Solana sets a strong precedent for a breakthrough of the cup and handle pattern forming since late 2021 as it aligns with the handle’s upper trendline, forming a symmetrical triangle pattern.
SOL / USDT 1W chart, symmetrical triangle within cup and handle pattern. Source: Binance.
The cup and handle pattern favors a bullish continuation of Solana’s long-term price appreciation, representing a temporary pause in a prevailing uptrend.
Currently, Solana remains bound within the channel forming the handle, consolidating before its next move. This new triangle pattern suggests that this phase may be coming to a close as pressure builds toward a breakthrough.
Most notably, the MACD line has affirmed a crossover above the signal line over the past few days, a move which, in recent history, has led to a significant uptick in the Solana price.
Solana also remains firm in its strong footing, reaffirming the 50SMA as a solid support level to its recent uptrend.
Given that the Relative Strength Index (RSI) remains at a neutral 60 following today’s surge, it seems this growth is more sustained than volatile, not yet breaching overbought territory.
Therefore, there is a strong precedent for this momentum to persist in an approach of the upper resistance, with a breakout target around $173.50, though there could be a retest of the $160 level beforehand.
Upon a breakout, eyes will be set on the cup’s upper resistance at $205. However, the pattern sets a price target much higher, up to $400.
Furthermore, as October sees a surge in adoption, with increased liquidity and a new all-time high in active wallet addresses following a trough in September, fundamentals lend to further appreciation.
Solana Network active wallet addresses and new accounts. Source:
Solscan
.
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