{"id":645137,"date":"2024-09-28T09:30:24","date_gmt":"2024-09-28T09:30:24","guid":{"rendered":"https:\/\/www.wncen.com\/?p=645137"},"modified":"2024-09-27T18:57:40","modified_gmt":"2024-09-27T18:57:40","slug":"analysts-think-solana-could-go-nuts-as-sol-price-retests-160-resistance","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/solana\/analysts-think-solana-could-go-nuts-as-sol-price-retests-160-resistance\/","title":{"rendered":"Analysts Think Solana Could \u2018Go Nuts\u2019 As SOL Price Retests $160 Resistance"},"content":{"rendered":"

Solana (SOL) broke above a key resistance level on Friday, fueling the bullish sentiment that reignited over a week ago. As a result, some analysts think the fifth-largest cryptocurrency by market capitalization could be about to see a massive bull run as \u201cUptober\u201d approaches.<\/p>\n

Related Reading: Ethereum: Analyst Sets $2,820 As ETH\u2019s Next Key Level to Watch, Here\u2019s Why<\/a><\/div>\n

Solana Retests $160 Resistance<\/h2>\n

Solana\u2019s rally started last week following the market surge driven by the US Federal Reserve\u2019s rate cuts. The jump pushed<\/a> the cryptocurrency\u2019s price above the $140 resistance level, successfully turning it into support.<\/p>\n

SOL had failed to break above this key level throughout the past month, consolidating between the $130-$139 price range. This performance alarmed many investors and market watchers, who considered the cryptocurrency was in danger of facing a massive correction.<\/p>\n

Since the bullish catalyst, Solana has seen a 23% surge, breaking above the $150 barrier this week. Some analysts asserted that reclaiming this mark would propel the price toward the next key resistance level.<\/p>\n

On Friday, Solana broke above the crucial resistance level for the first time in a month, hitting<\/a> $160 for the first time since late August. As of this writing, SOL reached a daily high of $160.68, momentarily holding the above the key level.<\/p>\n

This performance was seemingly fueled by the \u201cbullish vibes<\/a>\u201d surrounding the early release from prison of Binance\u2019s founder Changpeng Zhao (CZ). The expectation of his release further inspired a bullish market sentiment among investors, driving SOL\u2019s 4% jump in an hour and Bitcoin\u2019s price to $66,000.<\/p>\n

Is SOL Price About To “Go Insane”?<\/h2>\n

Analyst Crypto Horn Harris noted<\/a> Solana\u2019s price action on the weekly chart, claiming it \u201clooks nothing short of insane right now.\u201d He underscored that SOL\u2019 retested the Relative Strength Index (RSI) \u201cproperly\u201d while doing a \u201cperfect reset\u201d of the 50-day Moving Average (MA).<\/p>\n

To the analyst, this performance hints that the cryptocurrency will challenge the cycle\u2019s high above $200 and move to higher targets soon. WiseAnalyze claimed that SOL\u2019s price \u201cis still very low,\u201d suggesting that investors still can \u201cjump on that trend.\u201d<\/p>\n

The trader set his target for the cycle\u2019s final breakout<\/a> at $400, \u201cbut it might grow higher.\u201d However, he didn\u2019t rule out the possibility of another rejection, with a pullback to the $108-$120 support zones.<\/p>\n

Similarly, Matthew Dixon also forecasted a retrace for Solana. The analyst believes a pullback is due, as multiple indicators suggest the correction. However, the \u201cjury is out on the scope of the decline.\u201d<\/p>\n

\"Solana\"
SOL’s price could be retraced from the previous support level. Source: Matthew Dixon on X<\/a><\/figcaption><\/figure>\n

Dixon stated that SOL\u2019s price targets will depend on whether \u201cthe price action from the low is in the form ABC Or 123.\u201d But \u201ceither way, the retrace is likely.\u201d<\/p>\n

Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1<\/a><\/div>\n

Crypto analyst Byzantine General considers<\/a> SOL\u2019s chart to look \u201cpretty crazy.\u201d The trader highlighted that Solana appears to be printing an Adam and Eve (A&E) double-bottom pattern, with the confirmation line around the $160 price range.<\/p>\n

Based on this, Solana\u2019s price \u201ccould go really nuts,\u201d as it has the potential for a breakout<\/a> toward the $200 resistance level if it successfully reclaims the key support level.<\/p>\n

\"Solana,
Solana’s performance in the three-day chart. Source: SOLUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) broke above a key resistance level on Friday, fueling the bullish sentiment that reignited over a week ago. As a result, some analysts think the fifth-largest cryptocurrency by market capitalization could be about to see a massive bull run as \u201cUptober\u201d approaches. Related Reading: Ethereum: Analyst Sets $2,820 As ETH\u2019s Next Key Level to Watch, Here\u2019s Why Solana Retests $160 Resistance Solana\u2019s rally started last week following the market surge driven by the US Federal Reserve\u2019s rate cuts. The jump pushed the cryptocurrency\u2019s price above the $140 resistance level, successfully turning it into support. SOL had failed to break above this key level throughout the past month, consolidating between the $130-$139 price range. This performance alarmed many investors and market watchers, who considered the cryptocurrency was in danger of facing a massive correction. Since the bullish catalyst, Solana has seen a 23% surge, breaking above the $150 barrier this week. Some analysts asserted that reclaiming this mark would propel the price toward the next key resistance level. On Friday, Solana broke above the crucial resistance level for the first time in a month, hitting $160 for the first time since late August. As of this writing, SOL reached a daily high of $160.68, momentarily holding the above the key level. This performance was seemingly fueled by the \u201cbullish vibes\u201d surrounding the early release from prison of Binance\u2019s founder Changpeng Zhao (CZ). The expectation of his release further inspired a bullish market sentiment among investors, driving SOL\u2019s 4% jump in an hour and Bitcoin\u2019s price to $66,000. Is SOL Price About To “Go Insane”? Analyst Crypto Horn Harris noted Solana\u2019s price action on the weekly chart, claiming it \u201clooks nothing short of insane right now.\u201d He underscored that SOL\u2019 retested the Relative Strength Index (RSI) \u201cproperly\u201d while doing a \u201cperfect reset\u201d of the 50-day Moving Average (MA). To the analyst, this performance hints that the cryptocurrency will challenge the cycle\u2019s high above $200 and move to higher targets soon. WiseAnalyze claimed that SOL\u2019s price \u201cis still very low,\u201d suggesting that investors still can \u201cjump on that trend.\u201d The trader set his target for the cycle\u2019s final breakout at $400, \u201cbut it might grow higher.\u201d However, he didn\u2019t rule out the possibility of another rejection, with a pullback to the $108-$120 support zones. Similarly, Matthew Dixon also forecasted a retrace for Solana. The analyst believes a pullback is due, as multiple indicators suggest the correction. However, the \u201cjury is out on the scope of the decline.\u201d Dixon stated that SOL\u2019s price targets will depend on whether \u201cthe price action from the low is in the form ABC Or 123.\u201d But \u201ceither way, the retrace is likely.\u201d Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1 Crypto analyst Byzantine General considers SOL\u2019s chart to look \u201cpretty crazy.\u201d The trader highlighted that Solana appears to be printing an Adam and Eve (A&E) double-bottom pattern, with the confirmation line around the $160 price range. Based on this, Solana\u2019s price \u201ccould go really nuts,\u201d as it has the potential for a breakout toward the $200 resistance level if it successfully reclaims the key support level. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":645140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[10768,428,1119,71518,26263,10923,88477,89756,15845,12837,83626,92708,83627],"class_list":["post-645137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-binance","tag-bitcoin","tag-btc","tag-chanpeng-zhao","tag-crypto-analyst","tag-crypto-market","tag-crypto-market-recovery","tag-crypto-trader","tag-cz","tag-sol","tag-solana","tag-solana-bullish","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Could \u2018Go Nuts\u2019 As SOL Price Retests $160 Resistance<\/title>\n<meta name=\"description\" content=\"As Solana attempts to turn the $160 resistance level into support, some crypto analysts 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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