|

Solana price targets $261 next as bullish pattern projects 27% upswing

  • Solana price is ready to reverse the period of underperformance and revisit its record high.
  • The prevailing bullish chart pattern suggests a 27% climb from a crucial line of resistance.
  • SOL slicing below $170 could spell trouble for the bulls.

Solana price is preparing to revisit its all-time high at $261 as a bullish chart pattern suggests SOL is awaiting a 27% ascent. However, the optimistic target will only be on the radar if the Ethereum killer manages to slice above a critical resistance barrier at $203.

Solana price plans powerful comeback

Solana price has formed an ascending triangle pattern on the 4-hour chart, creating higher lows. If the prevailing chart pattern is robust, SOL could expect a 27% climb from the upper boundary of the governing technical pattern toward $260, the token’s record high.

The first line of resistance appears at the 21 four-hour Simple Moving Average (SMA) at $174, coinciding with the 23.6% Fibonacci retracement level. Further headwinds may emerge at $181, where the 50 four-hour SMA and 100 four-hour SMA intersect.

Additional obstacles may emerge at the 200 four-hour SMA at $185, then at the 38.2% Fibonacci retracement level at $190. 

If the bulls continue to push prices higher against the distribution of the sellers, Solana price may aim to tag the topside trend line of the governing technical pattern at $203, where the 50% retracement level and resistance line given by the Momentum Reversal Indicator (MRI) also sits.

Investors should note that a slice above the aforementioned headwind at $203 could put the  27% upswing on the radar, an optimistic forecast given by the prevailing chart pattern. 

SOLUSDT

SOL/USDT 4-hour chart

Solana price would face resistance at the 61.8% Fibonacci retracement level at $216 and the 78.6% Fibonacci retracement level at $234 before the bulls attempt to reach the bullish target.

However, if a spike in sell orders occurs, Solana price will discover immediate support at the lower boundary of the governing technical pattern at $170. Breaking below the aforementioned line of defense will invalidate the bullish thesis, and SOL could continue to slide further toward the January 1 low at $167, then toward the October 6 high at $161.

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

More from Sarah Tran
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

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

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.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.