Solana (SOL) is on the brink of a potential breakout as it consolidates within a bullish triangle, setting the stage for a sharp move. According to seasoned analysts, Solana could soon reclaim the $200 resistance level.
Current Market Situation for SOL
Notably, analyst Kaleo has drawn parallels between Solana's current price movement and Ethereum's trajectory in late 2020, suggesting that Solana might be on the verge of a significant rally. Kaleo points out that Solana's current chart looks similar to Ethereum's just before its surge to new highs in 2020.
Solana Price Analysis
Despite recent market volatility fueled by macroeconomic factors such as the U.S. unemployment rate and profit-taking, Solana’s price action suggests that SOL is gearing up for another upward trajectory. Currently, Solana is trading around $145, with its price fluctuating within a well-defined triangle pattern on the daily chart, typically indicating the continuation of the existing bullish trend.
Can SOL Hit $205 and Beyond?
Looking at the weekly chart, a more extensive triangle pattern emerges, reflecting the same consolidation observed on the daily chart and spanning several months. If Solana can overcome the $162.45 resistance level, the next significant resistance levels are identified at $188.32 and $205.20.
Given the current analytical data, Solana is at a critical juncture. If the cryptocurrency can break through the $162.45 resistance level, it may continue its bullish trend, aiming for higher targets of $205 and beyond.
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