|

Solana Price Forecast: SOL targets new all-time highs amid unstoppable breakout

  • Solana price had a breakout from a symmetrical triangle pattern on the 12-hour chart.
  • The digital asset has a target above $20 for the long-term with practically no resistance ahead.
  • However, SOL could still see some short-term downside action before a full blown breakout. 

Solana was trading inside a tightening range for the past three weeks before finally breaking out. The digital asset faces weak resistance ahead of new all-time highs. 

Solana price one key level away from new all-time highs

Solana has broken out of a symmetrical triangle pattern on the 12-hour chart. The digital asset has a price target of $20.30 in the long-term, but will need to crack $18.20 first. 

sol price

SOL/USD 12-hour chart

The breakout of the pattern has a 33% target calculated using the pattern’s height as a reference point. The only resistance level above is the previous high of $18.20.

Solana price can briefly pause before $18.20 and re-test the previous resistance trendline formed at $15. Losing this key support level will drive SOL down to $14.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.

Cardano struggles to extend gains as retail interest wanes despite Midnight's NIGHT token launch

Cardano ticks higher after a bearish weekend, struggling to extend an upcycle within a descending wedge pattern. On-chain data shows an increase in trading volume and user activity after the Midnight side chain token launch.

Crypto Today: Bitcoin, Ethereum recover as XRP remains supported by ETF inflows

Bitcoin is trending up toward the pivotal $90,000 level at the time of writing on Monday, which marks four consecutive days of gains. Altcoins, including Ethereum and Ripple, are also rebounding above key short-term support levels.

Bitcoin nears $90,000 as recovery hopes clash with institutional outflows

Bitcoin is approaching the $90,000 resistance level at the time of writing on Monday, raising hopes of a short-term recovery. However, the bullish recovery is being challenged by weakening institutional demand, as evidenced by outflows from Spot ETFs.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.