Solana (SOL) has breached a key resistance level lately. According to analyst Crypto Rand, SOL successfully climbed above $160, a price point that had acted as a strong resistance before.
The analyst highlighted SOL’s bullish trend, suggesting potential upward movement toward $200, provided it maintains its current position.
The chart analysis reveals two prominent zones at $160 and $130. Historically, $160 served as a major resistance, with multiple attempts to break through failing. Each rejection saw SOL retreating to the $130-$140 range, which consistently provided solid support.
Recently, however, the crypto managed to breach the $160 mark, transforming it from resistance to a potential support level.
This shift indicates a stronger bullish sentiment, as SOL’s price movements suggest renewed buying interest. If the $160 level holds, it could act as a foundation for further rallies.
What you'll learn 👉
Breakout and Trend Reversal
The recent breakout above the $160 resistance is marked by a distinct upward trend. SOL went through a period of price consolidation as a result of lowering trendlines limiting it.
However, the recent breakout points to a possible trend reversal, opening the door for additional upward momentum. Crypto Rand’s tweet noted, “$SOL breaching up the key resistance at $160. Looking really strong and looking at $200 next.”
This observation aligns with the chart, which shows SOL gaining strength and overcoming previous obstacles at $160.
Candlestick Movements and Price Patterns
The chart also highlights strong bullish candlestick movements, with the latest structure showing a clear break above the $160 level. Previous consolidation near the $130-$140 range appears to have built a solid base, allowing buyers to push the price higher.
Each time SOL tested the $160 zone in the past, it met resistance. The recent successful breakout, however, points to a change in sentiment and possible bullish continuation.
Following the breakout, the price action suggests a channel-like pattern, where $130-$140 serves as a support base, and $160 is now a new support zone. This transition indicates increased buying pressure, further solidifying the uptrend.
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Next Price Targets for SOL
Given the recent movements, the next potential targets lie between $180 and $200. The $180-$200 range was previously a key resistance zone, where SOL saw its last peak before a steep decline.
As such, it may act as a target for traders eyeing the next breakout level. Should SOL maintain its position above $160, this could lead to an extended rally, with $200 being a possible mid-term objective.
Maintaining the $160 level as support is critical for continued bullish momentum. If SOL can hold this level during any pullbacks, it is likely to attract more buyers, potentially pushing the price toward the next resistance zone around $180-$200.
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