Bullish momentum has returned in the overall crypto market, bolstering major digital assets like solarium towards an upward direction once again. As SOL gains ground, certain key indicators and chart formation point to a possible rise for the altcoin in the coming weeks.
An imminent move towards higher levels for Solana
Recent price action shows that Solana could be on the verge of a significant rally. Market Technician and Investor Jonathan Carter<a target="_blank" href="https://x.com/JohncyCrypto/status/1879238721758953880″ target=”_blank” rel=”noopener nofollow”> points to a move that could spark a rally close to SOL's current all-time high of $264.
The expert cites a possible bullish breakout from a critical chart formation, in particular the Descending Triangle pattern, which will fuel the expected huge rise. Its chart shows that SOL is at a crucial crossover, suggesting a continuation of its bullish momentum if the asset breaks through current resistance levels.
It is important to note that descending triangle formations are bearish chart patterns formed by a series of lower highs and a lower resistance level. However, Jonathan Carter highlighted that the alternative currency maintains its position above the lower border of the chart formation on the 8-hour time frame.
Currently, SOL's bullish momentum is facing strong resistance provided by the broken ascending bottom line. If the altcoin overcomes this strong resistance, the expert is confident that SOL could see a rally to the $262 threshold. Other key price levels to watch along the way include $204, $222, and $245.
Carter's prediction coincides with growing optimism in the overall crypto market as Solana continues to gain recognition for its robust network activity and expansion of the user base. Given the growing bullish force coupled with the increased adoptionThe breakout may trigger a recovery from its current peak, cementing its position as a high-performing altcoin.
SOL's path to $200 and above remains strong
Solana appears poised for a notable run in the coming days following a recent bullish market trend. Pro-crypto trader and analyst Natalie Dormer also <a target="_blank" href="https://x.com/NatalDormer/status/1879558511551504728″ target=”_blank” rel=”noopener nofollow”>foresees a path to the $200 mark and beyond for Solana amid macroeconomic conditions such as US 10 government bonds.
Natalie Dormer's optimistic prognosis is due to a escape of a solid bullish flag pattern, indicating an extension of its upward movement. According to the expert, SOL's departure from the formation can be linked to the US CPI data, which was generally mixed and somewhat lower than expected.
Following the announcement of the CPI data, US 10 government bonds fell sharply, almost 3%, causing weakness in dollar-related assets. Thus SUN It now has more chances to continue rising, with a target of $211 and a high of $230 based on current data, as indicated on its chart.
Currently, Solana has risen to the $202 level, demonstrating an increase of almost 7% in the last day. This renewed strength has rekindled positive investor sentiment as its daily trading volume has increased by over 61%.
Featured image from iStock, chart from Tradingview.com
