Crypto currency analysts are observing an increasing bullish trend on Solana (SOL) and foresee a potential 50% increase in the near future. Following SOL’s 11% rise in the last 24 hours, many well-known analysts are expressing their bullish expectations. So, what levels are expected for Solana (SOL)?
Solana’s Price Trends Towards $250
Crypto trader Bob Loukas (@BobLoukas) offers an optimistic view, stating that SOL is currently making moves to rise to the $250 level and is acting to increase its forward-looking potential. This assessment is based on a detailed analysis of the weekly SOL/USD chart.
The chart shows that SOL has turned the resistance level around $140 in March 2022 into a solid support zone. This level was previously seen as a strong resistance from the middle of December last year until the beginning of March.
With this resistance becoming support, SOL is now preparing for a rise towards the $250 level. This price target is only $10 away from Solana’s all-time high of around $260 in October 2021.
SOL Presents a Very Positive Outlook
Crypto analyst Byzantine General (@ByzGeneral) contributing to the bullish trend says:
“SOL is showing a very positive outlook. While the price is rising, leverage in the system is actually decreasing. We also see Coinbase making large purchases in the spot market.”
In particular, not only the SOL/USD charts but also SOL’s chart against Ethereum‘s strongest competitor looks extremely strong. According to many analysts, SOL/ETH is preparing for a breakout. Christopher Inks, founder of TexasWest Capital, shares his analysis stating:
“The weekly SOL/ETH chart looks great. While the Stoch RSI is moving up from the oversold zone and threatening a breakout, the RSI has bounced in neutral and is moving towards a bullish crossover. Breaking above the 0.04597 level gives confidence for a rally towards the expected minimum target of 0.07231.”
This technical analysis predicts a very positive future for SOL compared to ETH. If this technical formation occurs, SOL is expected to outperform ETH by more than 70%.
Solana Could Regain Leadership Position
Macro expert Raoul Pal points out that after the recent impressive consolidation in the SOL/ETH pair, a breakout could occur and it is likely that SOL will soon regain the leadership position. Pal’s analysis is based on a bullish signal that SOL/ETH has already broken the falling wedge correction formation.
However, while this breakout indicates a potential major breakout against ETH, it is necessary to confirm that this is not a false breakout. Renowned analyst Peter Brandt, commenting on Pal’s analysis, described the formation as a “Classic Schabacker falling wedge correction” and noted that such formations often indicate a potential reversal or continuation of the trend.
The Falling Wedge formation, characterized by approaching trend lines, decreasing volume, and a breakout with increasing volume, indicates that SOL is ready for a significant upward movement in its current formation. At the time of writing, Solana’s price is trading at $168.09.
