Solana (SOL) is at a critical juncture after climbing over 20% from recent lows. The token is testing a crucial supply level around $150, drawing bullish predictions from analysts like Carl Runefelt, who anticipates a potential rally to new highs within days.
Many believe that a successful breakout above $150 could signal a confirmed uptrend for Solana, potentially leading to a significant rally. The entire crypto market's revived optimism, spurred by the Federal Reserve's decision to cut interest rates, adds to this bullish sentiment.
Carl Runefelt's technical analysis reveals a symmetrical triangle pattern forming in Solana's price action. A breakout from this formation could trigger substantial upward movement, with price targets around $160, marking higher grounds for SOL.
Currently, Solana is trading at $150, testing the daily 200 moving average (MA) at $154 as resistance. Reclaiming the 1D 200 MA and targeting new highs beyond $164 could confirm the continuation of a daily uptrend, potentially pushing SOL towards its all-time highs.
However, failure to break above the daily 200 MA could signal a shift in sentiment, leading to a short-term correction with potential support targets around $140. Investors are closely monitoring Solana's next moves to navigate its near-term direction.
