Solana Confirms Bullish Breakout: Analyst Forecasts Potential Upside Target for SOL Rally

Among altcoins, Solana (SOL) has marked an early standout thus far, gaining over 314% year-to-date and outpacing both Bitcoin and Ethereum. With key technical levels now reclaimed, analysts have turned increasingly bullish on prospects for a run toward the next upside target at $125 in the coming weeks.

SOL Price Recovers off $106 Double Bottom

Solana’s recovery from multi-week lows around $106 has set up the price charts for additional upward movement, as swing trader Teshkid has highlighted. That selling pressure was consistently absorbed near $106 shows the level’s emerging importance as a key demand zone, indicating buyer conviction.

With SOL rallying as high as $114 this week, Teshkid expects another test of the local top is due. A decisive break above $115 and $116 resistance would open the floodgates for unrestricted upside toward $120 in the near-term.

On any pullbacks from current levels, watch for the $106 level to once again offer support. Only a breakdown below this area would compromise the bullish outlook.

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Channel Breakout Targets $125 After 10% Rally

Reinforcing the bullish technical setup, analysis by altFINS points to a high-probability uptrend underway. They confirmed a bullish rising channel breakout for SOL – with a measured move upside extension targeting the $125 mark.

With positive momentum also gathering steam across different timeframe trend readings, the ingredients for that next leg look in place. Some minor red flags exist in overbought momentum signals (declining MACD histogram), but SOL has shrugged those aside many times in past ramp-ups.

Solana, establishing a series of higher rally highs and higher retest lows, reconstructs the base pattern consistent with sustainable bull moves historically.

Whether momentum accelerates beyond $125 toward altcoin season-type valuations depends greatly on Bitcoin’s stability. But among fellow layer-1 disrupters, SOL offers among the strongest fundamental cases to catalyze serious FOMO with any help from the macro backdrop. Its technicals may provide the first glimpse of what awaits.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency