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Is Solana About to Explode Further? Analyst Reveals Next Targets
Solana (SOL) has broken out of an ascending triangle and is now eyeing targets at $171, $179, and $185. The price has cleared the $166 mark, which represents a significant Fibonacci level.
The recent trend shows rising lows and increasing volume, supporting the upward movement. This could be the “cleanest breakout I’ve seen all month,” according to analyst Ali on X. If buyers continue to dominate the market, the next stop is likely at $185.
In addition to this technical analysis, there are other factors that contribute to Solana’s bullish momentum. The platform now trades above its 9-day simple moving average, which sits at $158. This indicates that investors remain enthusiastic about SOL. Moreover, the slope of the line points upwards, confirming the current upward trend.
However, the Money Flow Index has reached a reading of 76.16, very close to the overbought line. This suggests that funds have flowed into Solana rapidly and warns of potential profit-taking or price pauses near this level.
In conclusion, while the sentiment is bearish, there are strong factors driving Solana’s growth. The number of active users on the network has recently seen an increase, typically supporting the price movement in the long term. Furthermore, ETF reviews by the Securities and Exchange Commission (SEC) could open up new investment opportunities for funds to buy SOL directly.
Source: cryptopotato.com
