Solana Price Breaks Out: Is the $160 Target Realistic?

Solana has seen a significant surge in momentum and social activity following Bitcoin’s lead, indicating increased interest from traders in the cryptocurrency. Although the price hasn’t shown any major fluctuations, the potential for an upward trend remains high. Consequently, Solana’s price is expected to rise rapidly in the short term, potentially rebounding to higher targets, possibly reaching $150.

After six months of challenging conditions, SOL’s price appears ready for the final quarter of trading, maintaining all significant levels. Solana’s rapid growth in the AI sector, following the memecoin phase, has garnered considerable attention. Therefore, the token is expected to hit new highs as the next bull market begins. However, the question remains whether the price can sustain its momentum, given that bears seem to be holding firm at the $200 level.

As illustrated in the chart, Solana’s price has recovered along a parabolic trajectory after being rejected at its historical high. However, before reaching the peak, bears have intensified their efforts. Despite this, the likelihood of further upward movement remains high. Trading volume has significantly decreased, but the weekly MACD shows a reduction in selling pressure. Unfortunately, the Relative Strength Index has fallen below the upward support line, indicating that lower targets have been triggered. Additionally, two consecutive doji candlesticks have formed, and a third is in the making, suggesting a potential pullback to break support.

In this scenario, if the token confirms increased positive influence, the support level at $119 could become a solid foundation for recovery. The next few days leading up to the weekend could be crucial for Solana’s (SOL) rebound, as continued upward consolidation might sustain bullish hopes, elevating levels near the triangle’s apex. Otherwise, if rejected, the price might break temporary support and test lower regions below $120.

Sentiment: Neutral