Solana Surges 20%: What’s Next for SOL?

Solana Price Analysis: Ascending Triangle Pattern

Many altcoins showed gains for their holders this week, with Solana leading the charge. The SOL price surged 20% to approximately $162.

SOL has been trading within an ascending triangle channel since late 2023, clearly depicted by the blue lines on the chart. An ascending triangle is a bullish pattern characterized by a flat upper trendline and a rising lower trendline. This setup often indicates accumulation and suggests a potential breakout to the upside.

Following this week’s surge, SOL is on the verge of breaking out of this channel, potentially entering price discovery mode. Price discovery occurs when an asset reaches new all-time highs, lacking historical resistance levels to guide traders. This phase can lead to increased volatility as market participants establish new fair value levels.

• If SOL breaks out of the channel, the next resistance level is around $200, aligning with the 2024 yearly high set in March.
• Prior to that, the $190 level, corresponding to May highs, also presents a significant hurdle.
• On the downside, SOL finds strong support near $140, coinciding with the 200-day moving average.

SOL Bold Price Prediction

Crypto veteran “WIZZ,” with over 700k Twitter followers, boldly predicted today that SOL would reach a new all-time high (ATH) in the coming weeks. This forecast hinges on overall market conditions.

For context, SOL’s current ATH stands around $260, achieved during the 2021 bull run. From the current price of $162, achieving a new ATH would represent a substantial gain of approximately 60%.