Solana (SOL) is on the verge of challenging the $160 resistance level after witnessing a substantial price increase. Currently trading above $150, the cryptocurrency has made notable gains of 13% since last Thursday, indicating strength despite recent market uncertainties.
Top analyst Carl Runefelt suggests that Solana is forming a bullish pattern, raising the potential for a significant breakout. If SOL surpasses the $160 resistance, traders expect a surge to new all-time highs.
The market's growing optimism is evident on social media, with widespread speculation about Solana’s price trajectory. Investors closely watch these resistance levels, as the coming days could determine Solana's future price action.
If SOL fails to overcome the resistance, a consolidation phase or retracement could ensue, allowing traders to seek more confirmation for the next big move. A successful breakthrough could pave the way for Solana to explore new highs and ignite renewed interest in the altcoin.
Solana’s current trading above the daily 200 moving average is a positive indicator for short-term gains. However, maintaining this position is crucial for SOL to attempt new highs, with a potential target around $210. Failure to hold could result in a retracement to demand levels near $140.
