Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target
2024-11-08

Solana has finally broken through a crucial resistance level that has kept the price subdued for months, sparking fresh optimism among investors. However, the breakout has yet to be confirmed, leaving room for excitement and caution. 
Prominent analyst and investor Carl Runefelt recently shared a technical analysis on Solana, highlighting that the cryptocurrency is on the verge of breaking out from a massive bullish pattern. According to Runefelt, if the breakout holds, this setup can propel SOL toward a $300 target in the coming months.
The days ahead will be critical for SOL as market sentiment and trading volume determine whether this push is a sustained rally or a bull trap. For Solana to confirm this breakout, it must maintain its upward momentum and establish support above the previous resistance. Investors are closely watching these levels, as a failure to hold could lead to a retracement. 
However, if SOL can solidify its position, it could begin a powerful rally toward new highs. The outcome will shape Solana’s trajectory as it attempts to secure a place among the top-performing assets in the crypto market.
Solana Testing Crucial Supply 
Solana is currently testing a critical supply level, a zone that will either drive SOL to new highs or send it back into consolidation. After pushing above the $185 mark—a key price level that now needs to hold as support—Solana is poised for a significant move. 
According to top analyst Carl Runefelt, who shared his technical analysis on X, Solana appears to be breaking out from a massive Symmetrical Triangle, a well-known bullish chart pattern. In his view, a confirmed breakout above this level could trigger a rapid surge to $300, a move that he believes would “destroy bears” and reinvigorate bullish sentiment.
However, the coming days will be crucial in determining Solana’s direction, especially as the Federal Reserve’s interest rate decision is set to be announced today. If the Fed signals a rate cut or maintains current rates, it could fuel the rally by boosting risk-on sentiment in the market. A favorable environment from the Fed could lead to increased buying pressure on SOL, pushing it beyond its recent highs.
Conversely, if the $185 level fails to hold, SOL might re-enter a consolidation phase, temporarily stalling the upward momentum. For now, all eyes are on the Federal Reserve’s decision and how it might impact broader market sentiment, which will play a critical role in determining whether Solana’s bullish trajectory continues. A successful breakout here would not only confirm strength but could set the stage for Solana to challenge $300 in the coming months.
SOL Technical Analysis 
Solana is currently testing the final resistance at $190, a crucial level that could pave the way for a challenge to its yearly highs around $210. For the bullish momentum to remain intact, SOL needs to break above and hold this level as support. However, achieving this may take several days as the market continues to digest the impact of Donald Trump’s victory and awaits the Federal Reserve’s decision on interest rates.
If SOL fails to break above the $190 resistance, a consolidation phase between $180 and $190 could be healthy for price action. This range would allow the market to reassess and stabilize before making another attempt at breaking higher. However, it’s important that the price remains above the $180 mark during this consolidation. If SOL holds above this level, the uptrend can continue, with a potential push toward yearly highs.
On the other hand, if the price drops below $180, it could signal a shift in momentum, putting the current uptrend at risk. For now, bulls must maintain control by keeping SOL above $180 while the broader market awaits the Fed’s decision, which could impact risk sentiment and Solana’s next move.
Featured image from Dall-E, chart from TradingView