Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Solana Prepares For A 20% Rally – Can SOL Reclaim $176?

Source Newsbtc

Solana is currently trading above the $140 mark, showing signs of strength as it prepares for a potential move to higher levels. After a modest 5% pump on Friday, investors and analysts are increasingly optimistic about the direction Solana could take in the coming months.

One prominent analyst, Carl Runefelt, has shared a technical analysis predicting a 20% surge for SOL in the next few weeks, citing bullish patterns and favorable market conditions. His analysis suggests that Solana could reach $176 by the end of the year if current momentum holds.

However, Solana still faces key resistance levels that could challenge its upward trajectory. Despite the recent surge, some market participants are cautious, given the overall volatility in the crypto space. If Solana manages to maintain its current support and break through resistance, the next few months could be pivotal for the asset’s long-term price action.

Can SOL capitalize on its recent gains and reach new highs, or will it struggle to maintain momentum in the face of market headwinds? Investors are eager to see how this plays out as we approach the end of the year.

Solana Testing Supply Levels

Solana has been trading within a range of $210 to $110 since mid-March, leading to mixed opinions among investors. While some see this price action as a consolidation phase, others believe it could signal an upcoming breakout. Notably, top analyst and entrepreneur Carl Runefelt recently shared a technical analysis on X, revealing a bullish triangle pattern forming for SOL.

Solana about to break out of the bullish triangle pattern.

According to Runefelt’s analysis, if Solana breaks out of this triangle pattern, it could experience a sharp upward movement, potentially reaching $176 in the coming weeks. This would represent a significant surge from its current trading levels and a key milestone for SOL. The price has struggled to break through the $160 resistance level since early August, but Runefelt suggests that a breakout from the triangle could push the price well beyond this resistance.

A successful break above these critical levels would mean a 20% surge for Solana, with bullish momentum potentially driving it even higher. Investors are closely watching these movements, as a breakout could signal the end of Solana’s extended sideways trading and mark the start of a new upward trend. If SOL can maintain support and continue this rally, it may soon test new highs and solidify its position as one of the top-performing altcoins.

SOL Technical Analysis: Zones To Watch

Solana (SOL) is currently trading at $145, following a 7% surge from local lows at $135. The price has managed to rise above the daily 200 exponential moving average (EMA) at $140, a key indicator of short-term trend strength. However, SOL is still 4% away from the crucial 200 moving average (MA) at $152, which represents a stronger, longer-term trend signal.

A breakout above both the EMA and MA levels is essential for bulls to fully regain control and reclaim the trend. Surpassing these indicators could pave the way for a move to the $160 supply zone, where sellers are expected to be more active. This would signal a continuation of bullish momentum, with potential for further gains.

On the other hand, if the price fails to hold above the $140 mark, this recent surge could be short-lived, and a deeper correction might follow. A break below this level could drive SOL down to $110, which is a significant demand zone that buyers may defend. Traders are keeping a close eye on these levels as the next few days will determine SOL’s s`hort-term direction.

Featured image from Dall-E, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Gold falls below $4,300 as higher US yields bolster Fed rate hike bets Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

Author FXStreet

Yesterday 01: 23

Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

Yesterday 08: 16

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

5 hours ago

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

5 hours ago

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Popular Symbols