Solana Struggles To Break $160 Resistance As Top Analyst Predicts A Coming Surge
October 19 2024 - 2:00PM
NEWSBTC
Solana (SOL) has been experiencing significant volatility and
choppy price action since Monday, testing a crucial supply level
that will determine its direction in the coming weeks. As the
market continues to push higher, most analysts and investors are
anticipating a potential surge for SOL, especially with the $160
resistance level appearing to weaken under recent upward
pressure. The crypto community is closely watching these
developments, as breaking through this key resistance could lead to
substantial gains for the altcoin. Related Reading: Bitcoin ETFs
See $1.6B Inflows This Week – Is BTC Reaching A New ATH Soon? Top
analyst and investor Carl Runefelt recently shared a technical
analysis that paints an optimistic picture for Solana’s price
action in the next few hours. According to Runefelt, the weakening
resistance could pave the way for a breakout, with bullish momentum
carrying SOL to higher targets. While the market remains
volatile, confidence in Solana’s ability to overcome current
challenges is growing. If the supply level is breached, it could
mark the start of a new upward trend, making SOL a focal point for
traders looking for opportunities in the current market
landscape. The next few days will be critical in shaping
Solana’s trajectory, as investors will closely monitor whether the
price will confirm the anticipated rally. Solana Bullish Pattern
Signals Momentum The entire crypto market is experiencing
heightened volatility, and Solana has not been immune to it, with
its price fluctuating between $148 and $160 since Monday. This
consolidation phase has left traders eager to see which direction
the altcoin will take in the coming days. Runefelt recently shared
a technical analysis on X, highlighting that Solana is breaking out
of a 1-hour Falling Wedge pattern, a bullish signal. The immediate
upside target is $159.6, a level that, if broken and sustained,
could lead to a massive surge toward $185—a significant move that
would position Solana near its yearly highs. Despite this bullish
setup, the market remains cautious, and there is still the risk
that Solana could fail to reclaim key levels. If the price
struggles to break and hold above the $159.6 resistance, the
current consolidation could persist or even lead to a potential
pullback, with downside targets near $148. Such a scenario would
disappoint bulls looking for a rally and could dampen market
sentiment temporarily. Related Reading: Ethereum Bullish Pattern
Signals Upcoming Rally – Analyst Sets $2,870 Target A confirmed
breakout and sustained momentum could signal the beginning of a new
bullish phase, attracting both retail and institutional
investors. However, the risk of a failed breakout looms,
keeping market participants on edge. Traders are watching closely
as Solana’s next move will likely set the tone for its performance
over the next few weeks. If it breaks through resistance, SOL could
be well on its way to challenging yearly highs. Technical Levels To
Watch Solana is currently trading at $154 after finding support at
the 200-day moving average (MA) at $150.7, a critical level that
signals long-term strength if it holds as a demand zone. This MA
has historically acted as a key indicator for market trends, and
holding above it would reinforce the bullish outlook for SOL. For
bulls to maintain momentum, the price must stay above the 200-day
MA and push to break the crucial $160 resistance, a level that has
capped Solana’s upward movement since early August. Breaking
through this resistance would signal a potential surge in price,
opening the door to further gains in the coming weeks. However, if
SOL fails to hold above the 200-day MA and cannot overcome the $160
resistance, it risks a corrective move. A drop below the 1D 200 MA
could lead to a decline toward $140, a level that will play a
pivotal role in determining the next phase of Solana’s price
action. Related Reading: Strong Buy Signal For DogWifHat
(WIF) – Key Indicator Hints At Rally To $4 Bulls and bears alike
are closely watching these key levels, as the next move could set
the tone for Solana’s performance in the near term. Featured image
from Dall-E, chart from TradingView
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