Solana (SOL) has stormed higher over the past week, gaining over 7% to trade around $104 at the time of writing. The original “Ethereum Killer” has awoken from its bear market slumber in 2023, now up over 398% year-to-date.
The strong upside momentum has crypto traders calling for an extension of the Solana rally, with upside targets at $150 and beyond.
Technical Levels Suggest Further Upside
According to crypto trader Teshkid, Solana looks poised to continue surging after breaking key resistance levels at $98 and $106. With those previous overhead barriers now flipped into support, SOL appears primed to take out the next target at $116.
A break above $116 would then open up a test of $120. Only a breakdown back below the newfound support at $106 would jeopardize the constructive near-term setup.
Fellow trader Bluntz also highlights the bullish SOL Technicals, calling for a march to $150 in sync with the beginning stages of a “W3” Elliott wave pattern. Despite not getting his full desired position size on the latest dip to $90, Bluntz remains highly confident on the Layer 1 smart contract platform.
With Solana already up multiples from its bear market lows, the rally may seem to have run ahead of itself. However, the technical landscape remains bullish for SOL, and analysts calling for $150 represent targets just below last cycle’s all-time high around $259.
For crypto investors who missed out on buying sub-$100, the path of least resistance for Solana appears to remain higher in the near term. Traders will be watching for SOL to confirm its breakout with a daily close above the initial resistance-turned-support level at $106.
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