Crypto analysts TheMoonCarl and CryptoJelleNL have shared technical analyses suggesting Solana (SOL) may be entering a new uptrend. Moreover, SOL’s price action has shown strength against both USD and ETH trading pairs, with specific price targets emerging from chart patterns.
What you'll learn 👉
Market Structure Points to SOL Momentum
TheMoonCarl’s chart reveals SOL has broken out of a symmetrical triangle pattern that formed since mid-November.
The breakout occurred at $242.74, (the price has slightly pulled back to $240, at press time) with the pattern suggesting a measured move target of $290. This represents a potential 21.65% increase from the breakout point.
Technical support levels have established themselves at $230-235, with major support at $215 marking the lower boundary of the previous consolidation pattern. The price action demonstrates a series of higher lows leading into the breakout, suggesting steady accumulation.
ETH Ratio Shows Historical Context
CryptoJelleNL’s analysis emphasizes SOL’s performance against Ethereum, noting that the SOL/ETH trading pair has reached levels from previous market cycles.
The current price action shows SOL consolidating near its all-time highs when measured in USD terms, while simultaneously testing key historical levels against ETH.
Read also: Analyst Says Polkadot is ‘Growing Fast,’ Predicts DOT Price Surge to $50
Market Structure Validates Technical Setup
The symmetrical triangle pattern that preceded the breakout formed through a convergence of rising support and falling resistance trendlines. This classical technical formation often precedes sustained moves in the direction of the breakout.
The current setup includes multiple validation points on both trendlines, strengthening the pattern’s reliability. The price movement has attracted attention from market participants, with TheMoonCarl sharing the analysis to his substantial X following.
The breakout scenario includes clear invalidation levels, with the previous resistance trendline now potentially serving as support in the $230-235 range.
Trading volume patterns and momentum indicators align with the broader technical structure, providing traders with defined risk levels and potential targets. The market continues to monitor these levels as the breakout scenario unfolds.
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