Solana Holds Weekly Support At $180 – Analyst Expects $330 Mid-Term
2024-12-23
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Solana (SOL) is navigating a turbulent period after facing a significant 33% correction from its all-time high at $264, reached in late November. Despite the sharp pullback, Solana demonstrates resilience, offering investors a promising long-term outlook.
Renowned crypto analyst Carl Runefelt recently shared his insights on X, highlighting a compelling technical setup for SOL. According to Runefelt, Solana has successfully retested a massive triangle pattern on the weekly timeframe. This critical retest suggests that Solana’s price action remains intact and could serve as a launching pad for a significant rally shortly.
While broader market corrections have weighed down short-term sentiment, Solana’s ability to maintain its structural integrity amidst the downturn provides a glimmer of hope for bulls. If SOL can sustain its current levels and build momentum, it may soon recover lost ground and chart a path toward new highs. Analysts closely watch how Solana responds to this crucial technical signal, as it could define the altcoin’s trajectory in the coming weeks.
Solana Holding A Bullish Structure
Despite a 30% retrace from its all-time high, Solana (SOL) maintains a bullish structure on higher timeframes, signaling long-term strength. This resilience has analysts and investors optimistic about Solana’s potential to outperform once the market regains momentum. Known for its strong fundamentals and rapid adoption, SOL remains a favorite among traders who are anticipating the next altcoin rally.
Top crypto analyst Carl Runefelt recently shared a detailed technical analysis on X, highlighting an encouraging pattern for Solana. Runefelt revealed that SOL has successfully retested a massive triangle formation on the weekly timeframe, a critical milestone for its bullish trajectory.
According to his analysis, if Solana can hold firmly above the $180 mark, the cryptocurrency could surge to $330 in the coming weeks. This projection aligns with expectations that Solana will be a frontrunner in the next market-wide rally.
However, the broader market remains in a state of uncertainty. Bitcoin, the market leader, has struggled to reclaim the $100K level, and negative sentiment continues to weigh on traders’ confidence. This lingering doubt poses challenges for altcoins like Solana, which often depend on a strong Bitcoin performance to sustain rallies.
Testing Crucial Demand
Solana is currently trading at $185, showing resilience after successfully holding the 200-day exponential moving average (EMA) at $175. This key level is often regarded as a strong indicator of long-term market strength, and SOL’s ability to defend it underscores the asset’s bullish potential.
On a weekly timeframe, Solana continues to make higher lows, signaling a positive trend despite recent market volatility. This price action suggests that buyers remain confident in SOL’s long-term prospects, stepping in to defend critical support levels. If the $175 mark continues to act as a strong foundation, Solana is well-positioned for a quick recovery in the days ahead.
Holding above the 200-day EMA is a crucial step in building momentum for a broader rally. Analysts and investors are closely watching this level, as it could pave the way for Solana to retest key resistance points and potentially target new highs. However, if SOL loses this critical support, it may face increased selling pressure.
Featured image from Dall-E, chart from TradingView