Solana Breaks Out of Rounding Bottom Pattern, Analyst Shares Next Key SOL Targets 

Solana (SOL) has recently broken out of a rounding bottom pattern on the macro scale, according to trader Milkybull Crypto. This breakout has set the stage for SOL to potentially reach ambitious price targets of $429 to $689 in the coming months.

Successful Retest in Progress

Renowned analyst Rekt Capital has also noted that Solana is currently undergoing a successful retest of its previous breakout level. A successful retest is often seen as a bullish confirmation, suggesting that the uptrend is likely to continue.

Maintaining SOL’s position above the retest level could establish a strong foundation for further price appreciation, thereby validating Milkybull Crypto’s bullish outlook.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

Technical Analysis: Approaching Resistance and Uptrend Confirmation

According to altFINS, a leading technical analysis platform, Solana’s near-term outlook is neutral, with the token approaching a key resistance level. The platform has identified an emerging pattern of SOL nearing resistance, which could potentially lead to a breakout or a pullback.

According to altFINS, SOL is currently in an uptrend over all time horizons (short, medium, and long-term), with the MACD line above the MACD signal line and the RSI above 55 indicating bullish momentum.

However, after reaching the $200 resistance level, SOL became overbought, with the RSI reaching around 85. This led to a pullback as some traders took profits. altFINS suggests two potential scenarios for traders looking to enter the market:

  1. Wait for SOL to break above the 200 resistance level, confirming the continuation of the uptrend.
  2. Look for a pullback near the $160 support level, which could provide an attractive entry point.

Key Support and Resistance Levels to Watch

altFINS has identified several key support and resistance levels for SOL. The nearest support zone is located at $158, followed by $140. On the upside, the nearest resistance zone is $180. 

Source: altFINS – Start using it today

Solana’s breakout from the rounding bottom pattern and its successful retest of the breakout level have caught the attention of traders and analysts alike. With bullish price targets ranging from $429 to $689, SOL appears to be well-positioned for further growth in the coming months.

However, as with any investment in the volatile cryptocurrency market, it is essential for traders to exercise caution and conduct thorough research before making any decisions. By closely monitoring key support and resistance levels and employing sound risk management strategies, traders can potentially capitalize on SOL’s uptrend while minimizing their exposure to sudden market shifts.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency