Solana is currently trading above the $140 level, showing signs of strength and preparing for a potential move to higher levels. After Friday’s modest 5% pump, investors and analysts are increasingly bullish about the direction Solana may take in the coming months.

One of its top analysts, Carl Runefelt, shared a technical analysis predicting a 20% enhance in SOL’s price over the next few weeks, citing bullish patterns and favorable market conditions. His analysis shows that if current momentum continues, Solana could reach $176 by the end of the year.

However, Solana continues to face key resistance levels that could threaten its upward trajectory. Despite the recent growth, some market participants are cautious given the overall volatility in the crypto space. If Solana manages to maintain the current support and break through the resistance, the next few months could be crucial for the long-term price action of this asset.

Can SOL build on its recent gains and reach modern highs, or will it struggle to maintain momentum in the face of adverse market headwinds? Investors are eagerly waiting for developments at the end of the year.

Solana is testing supply levels

Since mid-March, Solana has been trading between $210 and $110, prompting mixed reviews among investors. Some see this price action as a consolidation phase, others believe it could signal an upcoming breakout. It is worth noting that recently leading analyst and entrepreneur Carl Runefelt shared technical analysis on Xrevealing a bullish triangle pattern forming for SOL.

According to Runefelt’s analysis, if Solana breaks out of this triangle pattern, it could experience a piercing move higher, potentially reaching the $176 level in the coming weeks. This would represent a significant enhance over current trading levels and a key milestone for SOL. Since early August, the price has struggled to break above the $160 resistance level, but Runefelt suggests that a breakout from the triangle could push the price well beyond this resistance.

A successful break above these critical levels would mean a 20% gain for Solana, with upward momentum potentially taking it even higher. Investors are watching these moves closely as a breakout could signal the end of Solana’s extended sideways trading and the start of a modern uptrend. If SOL can maintain support and continue this rally, it could soon test modern highs and solidify its position as one of the best-performing altcoins.

SOL Technical Analysis: Zones to Watch

Solana (SOL) is currently trading at $145, up 7% from local lows of $135. The price managed to rise above the daily exponential moving average (EMA) of $200 at $140, which is a key indicator of near-term trend strength. However, SOL is still 4% off the key 200-level moving average (MA) at $152, representing a stronger long-term trend signal.

A break above the EMA and MA levels is necessary for the bulls to fully regain control and regain the trend. A breach of these indicators could pave the way to the supply zone at $160, where sellers are expected to be more busy. This would mean a continuation of the upward momentum with the potential for further gains.

On the other hand, if the price fails to sustain above the $140 level, this recent rally may be short-lived and a deeper correction could occur. A break below this level could take SOL to $110, which is a significant demand zone that buyers can defend. Traders are keeping a close eye on these levels as the next few days will determine SOL’s short-term direction.

Featured image from Dall-E, chart from TradingView