Solana (SOL) has shown impressive strength, surging by 32% recently and outperforming many other cryptocurrencies, including Bitcoin. Analysts are optimistic about Solana’s future, anticipating continued growth. Investor Carl Runefelt highlights a bullish breakout from a "Cup & Handle" pattern, signaling the potential for substantial gains.
Runefelt suggests that if Solana's momentum holds, it could reach a price target of $370, marking a 115% increase from current levels. The "Cup & Handle" pattern is linked with strong bullish trends, attracting significant buyer interest.
While the breakout is promising, market stabilization is needed for significant advances. Solana’s ability to surpass resistance levels, establishing itself as a top-performing altcoin, is promising for future price hikes.
Currently, Solana trades at $171, maintaining a vigorous uptrend. This level, previously a resistance, is now a potential demand zone. A sustained hold above could lead to gains up to $185, the next major supply area.
If Solana falls below $171, it might retrace to $160, offering consolidation opportunities before another push. This adjustment wouldn't derail the uptrend but might encourage renewed bullish interest.
The level at $171 acts as a strength gauge for investors, with a dip to $160 still supporting a positive long-term outlook. Solana's resilience reflects optimism about the asset's potential.
