Solana is demonstrating strength by surpassing the crucial $171 level, turning it into a demand zone from resistance. Crypto analyst Carl Runefelt suggests that maintaining support above this mark is crucial for an impending rally. Solana's ability to flip former resistance to support indicates increased demand and could lead to upward momentum.
Investors and traders are keenly watching Solana's dynamics, particularly if it stays above $171, as it could spark optimism for an uptrend. Runefelt emphasizes the importance of Solana's head and shoulders pattern and its neckline acting as a pivotal support. A successful neckline retest could solidify the bullish trajectory.
Runefelt has set a target of $202 in the short term if the bullish trend continues. However, any break below the neckline could shift the momentum, requiring caution. The ongoing price action around the $171 and $180 levels will be crucial in determining Solana's next steps.
Solana is currently trading at $172, aiming to break the $180 resistance. Surpassing this psychological barrier could trigger FOMO buying, fueling further price gains. Failing to maintain support above $171 could lead to a retracement to lower levels, altering the bullish outlook.
