With Solana (SOL) changing hands around $98 at the time of writing, the coin has been impressivein the past few months breaking resistance while some supports during pullbacks. According to crypto analyst Ali, SOL may be gearing up for another major rally if bulls can regain key support.
Bull Flag Targets $150-$165 Move
In a recent tweet, Ali pointed to a bull flag that has formed on SOL’s 4-hour chart during the current consolidation phase. This is a pattern marked by a strong surge upward followed by a period of choppy sideways action, with trendlines connecting the intermittent highs and lows.
A decisive break above the upper resistance trendline signals the resumption of the uptrend. For SOL, Ali notes that level lines up with the psychological barrier of $106. “A sustained close above $106 can trigger a 47% rally that pushes SOL toward the $150 – $165 price range,” he commented.
If SOL manages to reach $150 again, it would have retraced almost half of the losses from its peak price. And that lines up with the typical bull flag breakout which often recovers 30-50% of the prior move.
Depends on Overall Market Conditions
However, Ali’s bullish scenario depends on bitcoin and the overall crypto market stabilizing to provide a supportive backdrop for altcoins. If selling pressure resumes across digital assets, it could halt SOL’s potential rally despite the bullish chart pattern.
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Show more +Solana is also struggling to hold support around the $80 level from its June lows. Though so far buyers have defended that area, a dip below the range low at $75 would negate much of the short-term bull case. The area between $106 (upper resistance trendline) and $75 is critical and how SOL trades here will determine if this becomes a true breakout or a fakeout trap.
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