Current market analysis indicates that Solana (SOL) is in a critical phase with potential to rise towards $230. Various analysts confirm the existence of bullish patterns on the charts.
Reclaiming Key Levels of Solana
Solana’s price has stabilized above major support areas following a retest of previous resistances. Data indicates that SOL has reclaimed key support levels after testing the $130 zone. Analysts suggest that the next target is to reach $185, potentially opening the way to $230.
Bullish Patterns and Support
On the 4-hour chart, Solana is establishing a bullish higher-low setup. Notably, after a recent pullback from $159.99, SOL is holding above short-term support around $149, creating conditions for continued growth. Approximately $168.49 serves as the next resistance, with a breakout there potentially leading to another attempt at $180.
Falling Wedge and Potential Breakout
Recent reports indicate that SOL is approaching the conclusion of a falling wedge formation. A breakout from this structure typically leads to rapid upward movement. Should the token bounce off the wedge support, it may reach $162, reaffirming bullish sentiments in the market.
Overall, Solana is demonstrating confident recovery signs and opportunities for further growth. Key levels at $185 and $230 remain in focus for analysts, enhancing bullish expectations among investors.
