Solana- Two bullish targets (320 and 380)
2025-01-26
Category: None

The launch of  BINANCE:TRUMPUSDT  gave a boost to  BINANCE:SOLUSDT  with the price breaking above 220 local resistance and soaring with more than 30% to 295.

As expected after such a rally, the price entered a correction phase, and at the time of writing, Solana is trading around $260.

 Symmetrical Triangle Formation: A Bullish Sign? 

During this consolidation period, a symmetrical triangle pattern has emerged on the charts. This formation is often a signal of a continuation of the prevailing trend. If Solana manages to break through the triangle's resistance, it could lead to an acceleration of the upward momentum.

 Potential Targets for Solana 

Based on classical technical analysis, the first target is calculated using the triangle's base. This suggests a potential rise to $320. However, if we consider the momentum from the previous leg up, the target could stretch as high as $380.

 Outlook: Bullish Above $200 

Regardless of which target is reached, Solana remains strongly bullish as long as it holds above the critical $200 support level. 
Traders and investors will want to keep a close eye on price action, especially for a breakout of the current consolidation.


