Analyst Says Solana is ‘Road to $333’, SOL Reclaims Lost Ground

Solana appears primed for additional upside in the eyes of crypto trader Captain Faibik, who forecasted SOL could have a “Road to $333” if technical momentum continues building in the right direction. Bullish sentiment has returned for the self-proclaimed “Ethereum Killer,” with SOL rallying over 7% in the last 24 hours.

According to analysis by altFINS, Solana staged a bullish upside breakout from its multi-week descending channel formation. This price action development signals growing conviction of trend reversal after extended consolidation.

altFINS notes the breakout could carry strong upside potential if SOL manages to clear resistance levels.

This aligns with trader Captain Faibik’s ambitious $333 target. For SOL to eclipse that, bulls would need to reclaim the entire range from the 2021 peak. Still, the early signs of base building and improving technical skills seem promising.

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Additionally, excitement around Solana’s capabilities for fast and low-cost transactions continues permeating crypto circles. Some developers even assert the network has strengthened from last year’s extended outages as infrastructure resiliency expands.

Still, analysts maintain SOL likely faces turbulence amid the overall cautious environment, even if upside momentum persists. Avoiding bull traps and holding newfound support remain key for trend change confirmation. But SOL’s technical posture exhibits early signals of a bottoming process playing out, with holders anticipating the next growth wave unfolding in 2024.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.