Solana Bulls Break Out 💥 – $360 Mid-Term Target in Sight 🚀
Franklin_LFG
Updated at: 2 hours ago
{"content":"Solana Bulls Break Out 💥 – $360 Mid-Term Target in Sight 🚀
Solana (SOL) is a key player after a 20.89% increase last week. Solana is now trading at $240, 18.05% behind its all-time high of $294. Interestingly, a famous market analyst has praised SOL's recent price jump, indicating a continuing rally.
In an X post on September 13, presents a detailed technical analysis of the Solana price structure, indicating a sustained rally. SOL's price increase last week broke a crucial ascending triangle pattern, indicating strong bullish momentum and higher mid-term goals.
The chart below shows that Solana's current price increase broke through the multi-month resistance zone at $205, where price had steadied between April and August. Breaking over this barrier and the ascending triangle's continuous higher lows indicate a bullish continuation pattern.
The use of Fibonacci extension levels illuminates this breakout's bullish potential. The 1.272 Fibonacci extension around $250 and 1.414 extension at $277 are the immediate price targets. However, momentum might push Solana to $321 (1.618 extension) and $362 (1.786 extension), the ultimate mid-term aim.
Negatively, the $205 breakout zone is crucial support. Maintaining the positive perspective requires holding above this level, as a fall below it might lead to a retest of lower Fibonacci retracement zones around $176 or $156. The rising trendline that has sustained price activity since April gives bulls further structural support.
Solana Price Forecast
Solana is now selling at $246, up 1.67% in 24 hours. Trading volume fell 27.53% to $7.49 billion.
Even if the Greed & Fear Index is neutral 52, investor opinion regarding Solana is optimistic. For the next month, they expect the asset to stay around $247. Analysts predict Solana will rise to $264 in three months, indicating consistent but modest growth.
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