Solana (SOL) has broken out of a six-month trading range between $122 and $187, and market analysts now see the cryptocurrency targeting $290 in the long term. With an all-time high of $259.96, SOL is positioned for potential record-breaking gains, with its recent rally outpacing even heavyweights like Ethereum (ETH) and Bitcoin (BTC).
Strong Technical Indicators Signal Bullish Momentum
The breakout above $187 was significant, with high trading volume signaling strong interest from investors. The Chaikin Money Flow (CMF) indicator stood at +0.21, a sign of solid capital inflows, reinforcing Solana’s upward momentum. The Awesome Oscillator, which has remained positive over the past six weeks, also reflects steady buying pressure, further supporting bullish predictions for Solana.
Fibonacci Levels and Key Resistance Points
Technical analysis based on Fibonacci retracement levels from Solana’s February-March rally identifies $241 and $291 as the next major bullish targets. While bullish market sentiment remains strong, potential pullbacks may occur as investors secure profits; however, these dips are likely to be temporary. Should SOL retest the $180-$190 range, analysts suggest it could be an attractive entry point for buyers anticipating further gains.
A key resistance level lies at $210, the 2024 high, which may challenge Solana’s continued ascent. Should SOL conquer this level, the path to $241 and beyond becomes more feasible. Market sentiment remains optimistic, with SOL maintaining a trajectory for sustained growth.
Liquidation Heatmaps and Price Targets
Examining Solana’s liquidation heatmaps reveals clusters between $202 and $225, where a short-term trend reversal or slowdown could occur as liquidation levels are hit. This zone may momentarily stall Solana’s momentum, as profit-taking could trigger a slight dip. However, this should not necessarily be seen as a bearish reversal but rather as a consolidation phase before the next leg up.
To the downside, significant liquidity around $150 provides a strong support level, though a pullback to this level seems improbable given Bitcoin’s stability above $70,000. Instead, the $184 level, highlighted on the 48-hour heatmap, could act as a magnetic zone that pulls SOL toward a healthy consolidation point before a renewed push upward.
Also Read: Coinbase Brings Wrapped Bitcoin to Solana, Boosting DeFi Ecosystem
With the indicators favoring upward movement, Solana is well-positioned for gains that could see it approach $290. This would represent an impressive 21% rise from current levels, assuming it clears the $210 and $225 resistance zones. Investors are optimistic, and a pullback to the $180-$190 range could be seen as a buying opportunity in anticipation of further growth.
In the broader crypto market, Solana’s momentum reflects a strong investor appetite for altcoins that offer scalability and competitive advantages over traditional blockchain networks. As SOL continues to perform well relative to Bitcoin and Ethereum, it solidifies its standing as a promising asset, both for short-term traders and long-term investors alike.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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