- Solana Golden Cross suggests strong bullish momentum, with a potential price target of $340.
- Support at $164 and resistance at $177and $189 are key for Solana to maintain upward momentum.
- A 118% rally could push Solana price from $164 to $340, based on past fractal patterns.
Solana price is showing strong bullish potential as it aims for a significant upward movement. A technical setup, including a Golden Cross pattern and key support levels, suggests that SOL could reach a new all-time high of $340 in the near future.
Key Support Levels Crucial for Solana Price Upward Momentum
Solana price is showing promising signs of significant growth, with the potential to double its current value. According to market analyst Ali Martinez, a bullish fractal pattern similar to one observed in 2024 could lead to a 70% rally.
This pattern has formed after the price built solid support at the $164 level, with buyers targeting resistance levels at $177 and $189 to be flipped into support.
If historical trends hold, Solana price could reach a new all-time high of $340. A similar fractal last year saw the price surge from $155 to $265.
This sets an optimistic outlook for the current rally, especially with the price staying above key support zones identified by market analyst Mary Emerald. She has pointed out that the range between $166 and $161 offers a solid base for a continued upward movement past $250.
Source: Chart by Mary Emerald on CoinMarketCap
A crucial factor in Solana price bullish setup is the Golden Cross pattern that has emerged. This pattern occurs when a short-term moving average crosses above the long-term moving average, signaling the potential for further gains.
According to Emerald’s analysis, this could help Solana price break above $200 and target a price of $255.93. The positive MACD histogram further supports this, showing rising bullish momentum.
Source: TradingView
However, resistance levels at $177 and $189 must be cleared for a confirmed trend reversal. If the Solana price can maintain momentum and flip $189 into support, the path to $340 becomes more likely, as the price could rally 118% from current levels. As long as these key levels hold, the bullish outlook for Solana price remains strong.
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