bullish

World

Spike

Arweave

<p>The Solana price has shed around 9% of its value this week and is now trading in the $142-143 range. This plunge shouldn’t worry SOL holders too much, considering the broader crypto market faced a downturn as well.</p> 
<p>For example, Ethereum lost over 9% during the same period, while some major altcoins such as DOGE and XRP are experiencing double-digit plunges.</p> 
<p>However, some popular analysts remain <a href="https://captainaltcoin.com/solana-sol-price-eyes-potential-surge-but-theres-a-catch/" target="_blank">bullish on Solana</a>, especially in the long term.</p> 
<h2 class="wp-block-heading" id="daan-s-analysis-higher-lows-and-key-resistance-levels">Daan’s Analysis: Higher Lows and Key Resistance Levels</h2> 
<p>Trader “Daan” recently shared a viral Solana chart that’s caught the attention of many crypto enthusiasts. The daily chart for SOL/USDT on Binance reveals some interesting patterns and potential breakout scenarios.</p> 
<p>One of the most notable features is the formation of higher lows, indicating a bullish structure despite the resistance at $160. This suggests that buyers are stepping in at increasingly higher prices, which is a positive sign of strength.</p> 
<figure class="wp-block-image aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="716" src="https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-1024x716.png" alt="" class="wp-image-562248" srcset="https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-1024x716.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-300x210.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-768x537.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-1536x1075.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-2048x1433.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-214x150.png 214w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-100x70.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-500x350.png 500w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-186-788x551.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-186.png 1132w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <em><strong>Source: <a href="https://x.com/DaanCrypto/status/1842550808862183695" target="_blank" rel="nofollow">X/@DaanCrypto</a></strong></em>
 </figcaption>
</figure> 
<p>The chart identifies several key levels:</p> 
<ol class="wp-block-list"> 
 <li>Weekly resistance around $197-$205</li> 
 <li>Three nearly equal highs at $160, forming a significant resistance level</li> 
 <li>Weekly support at $115.93</li> 
</ol> 
<p>SOL has been consolidating below the $160 resistance, which could suggest accumulation. This tug-of-war between buyers and sellers often precedes a major move. The ascending trendline formed by the higher lows adds to the bullish outlook, as long as the SOL price stays above this line.</p> 
<p>The reaction around $160 will be crucial. A break above this level could lead to a rapid move higher due to a potential short squeeze and increased demand from breakout traders. However, if the SOL price fails to breach $160 and reverses, the $115.93 weekly support could serve as a potential bounce zone.</p> 
<p><em><strong>Read also: <a href="https://captainaltcoin.com/ripple-analyst-warns-of-critical-0-45-retest-before-xrps-major-price-rally/" target="_blank">Ripple Analyst Warns of Critical $0.45 Retest Before XRP’s Major Price Rally</a></strong></em></p> 
<h2 class="wp-block-heading" id="curb-s-macro-view-bullish-pennant-and-long-term-projections">Curb’s Macro View: Bullish Pennant and Long-Term Projections</h2> 
<p>Another analyst, “Curb,” presents a more <a href="https://ambcrypto.com/solana-price-prediction-traders-keep-these-levels-in-mind/" target="_blank">optimistic long-term outlook for the Solana price</a> based on macro chart patterns. The analysis focuses on a massive bullish pennant continuation pattern that has been forming over an extended period.</p> 
<p>Key features of this chart include:</p> 
<ol class="wp-block-list"> 
 <li>A 225+ day re-accumulation phase</li> 
 <li>Support level near $122.77</li> 
 <li>Resistance just above $170</li> 
</ol> 
<p>The pennant pattern suggests that after this long consolidation period, the price could break out upward and continue its prior bullish trend. The extended re-accumulation phase indicates that buyers have been gradually absorbing the supply, potentially building momentum for the next upward move.</p> 
<figure class="wp-block-image aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="609" src="https://captainaltcoin.com/wp-content/uploads/2024/10/image-187-1024x609.png" alt="" class="wp-image-562256" srcset="https://captainaltcoin.com/wp-content/uploads/2024/10/image-187-1024x609.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-187-300x178.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-187-767x456.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-187-1536x914.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-187.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-187-252x150.png 252w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-187-100x59.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-187-589x350.png 589w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-187-788x468.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <em><strong>Source: <a href="https://x.com/DaanCrypto/status/1842550808862183695" target="_blank" rel="nofollow">X/@Crypto</a><a href="https://x.com/DaanCrypto/status/1842550808862183695https://x.com/CryptoCurb/status/1842580663506985133" target="_blank" rel="nofollow">Curb</a></strong></em>
 </figcaption>
</figure> 
<p>Curb’s analysis points to several important price levels to watch:</p> 
<ul class="wp-block-list"> 
 <li>$208.53: Yearly resistance</li> 
 <li>$169.99: Monthly resistance</li> 
 <li>$142.83: Potential retest or consolidation area</li> 
 <li>$122.77: Monthly support</li> 
</ul> 
<p>The most striking aspect of this analysis is the long-term price projection. If the bullish pennant plays out as anticipated, Curb suggests that the Solana price could potentially reach the $800+ range in the next major bull cycle.</p> 
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<p>The post <a href="https://captainaltcoin.com/solana-sol-price-set-to-explode-two-charts-suggest-a-potential-major-rally-ahead/">Solana (SOL) Price Set to Explode? Two Charts Suggest a Potential Major Rally Ahead</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Solana (SOL) Price Set to Explode? Two Charts Suggest a Potential Major Rally Ahead

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