Solana’s Major Rally Incoming? SOL Eyes A Bullish Breakout From Key Chart Formation

Bullish momentum has returned to the overall cryptocurrency market, boosting major digital assets such as Solana Towards the upside again. With SOL gaining traction, some key indicators and chart formation point to a potential rally for the altcoin in the coming weeks.

An imminent step to greater heights for Solana

Recent price action shows that Solana could be on the verge of a major rally. Market technician and investor Jonathan Carter Refers to It’s a move that could lead to a rally near SOL’s current all-time high of $264.

The expert points out the possibility of an upward breakout from the critical chart formation, especially the descending triangle pattern that will fuel the expected significant rise. Its chart shows that SOL is at a crucial crossover, indicating a continuation of its bullish momentum if the asset breaks the current resistance levels.

It is important to note that descending triangle formations are bearish chart patterns consisting of a series of lower highs and a lower resistance level. However, Jonathan Carter highlighted that Alternative currency The price maintains its position above the lower edge of the chart formation on the 8-hour time frame.

Currently, SOL’s upward momentum is facing strong resistance provided by the broken upward lower line. If the altcoin breaks this strong resistance, the expert is confident that SOL could see a rise to the $262 threshold. Other key price levels to watch along the way include $204, $222, and $245.

Carter’s predictions coincide with growing optimism in the overall cryptocurrency market as Solana continues to gain recognition for his work. Strong network Activity and expanding the user base. Due to the increasing upward strength coupled with Increase adoptionA breakout could lead to a recovery of the current peak, strengthening its position as a high-performing altcoin.

SOL’s path to $200 and beyond remains strong

It appears that Solana is preparing to achieve a significant rise in the coming days after the recent upward trend in the market. Professional cryptocurrency trader and analyst Natalie Dormer as well expected The road to the $200 mark and beyond for Solana amid macroeconomic conditions such as $10 US government bonds.

Natalie Dormer’s optimistic predictions were launched by A Go From a strong bullish flag pattern, indicating an extension of its upward movement. According to the expert, the SOL breakout from the formation can be linked to the US CPI data, which was generally mixed and somewhat lower than expected.

After the CPI data was announced, 10 US government bonds fell sharply by almost 3%, causing assets linked to the US dollar to weaken. thus Sol It now has a better chance of increasing further, targeting $211 with a maximum of $230 based on current data as shown in its chart.

Currently, Solana has risen to the $202 level, showing an increase of approximately 7% in the past day. This renewed strength has revived positive sentiment among investors as daily trading volume increased by more than 61%.

Featured image from iStock, chart from Tradingview.com