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Is Solana About to Explode Further? Analyst Reveals Next Targets
Solana (SOL) has broken out of an ascending triangle pattern, and the price has exceeded the $166 mark, which is the 1.272 Fibonacci level. The cryptocurrency’s chart structure shows rising lows and growing volume, supporting its upward trajectory. This breakout may be “the cleanest I’ve seen all month,” according to analyst Ali on X.
As a result, traders are eyeing potential targets at $171, $179, and $185. If the buying pressure continues, the price could potentially reach the next level of $185. However, traders also need to consider pullbacks as prices move higher into resistance zones.
The chart suggests that buyers remain active, with SOL trading above its 9-day simple moving average (SMA), which currently sits at $158. The slope of this line is upward, reinforcing the current direction. Meanwhile, the Money Flow Index has reached 76.16, close to the overbought level. This reading indicates a rapid influx of funds into Solana but also warns of potential profit-taking or price pauses near this level.
The growing number of active users on Solana’s network and the ongoing review of spot ETF filings by the SEC have contributed to the upward momentum in SOL’s price action. The increased activity often supports a strong price move, and approval of these ETFs could open doors for institutional investors and funds to directly purchase SOL.
As the cryptocurrency continues its upward trajectory, it is essential for traders to consider potential pullbacks as prices move higher into resistance zones.
Source: cryptopotato.com
