Solana (SOL) appears to be shaking off the effects of the recent market downturn, having bounced back from its local low. Its recent emergence from a bullish pattern has led some investors to believe that it may soon return to its peak form at the start of the year.
After a significant fall to the $140 region, Solana has demonstrated a 2.45% weekly upswing, signalling a strong recovery from its prolonged downtrend. This downtrend had previously seen the token drop to a 14-month low of $95 in the early part of April.
Despite losing its grip on the $160 mark due to recent market adjustments, which saw it plunge 11% in just a week, Solana managed a nearly 10% recovery over the weekend. This recovery helped it reestablish the $150 level as support, while simultaneously forming an ascending triangle pattern.
Crypto analyst Ali Martinez drew attention to this 3-day pattern in Solana’s chart, predicting a 6% leap to its recently forfeited support level. The post highlighted that Solana broke free from the triangle formation on Monday, reclaiming the $155 mark in the process.
If Solana manages to hold its current position, a retest and a confirmation of the breakout could push it towards the $164 barrier, a level unseen in the past fortnight. However, if Solana fails to hold its ground, its price could dip back to the $142 support level, or even to the $135 level, where the next buying wall is poised.
Another analyst, CW, noted that if Solana can break the selling barrier at the $160 level, its previous price could recover swiftly, possibly reaching the $180 area. The analyst stated that Solana’s next major hurdle is the $180 resistance, which it has not been able to reclaim despite peaking at $187 in the recent market surge.
If Solana manages to retake this critical barrier, its price could potentially reach the $200 mark, triggering a rally to new heights. Market observer Jeremy echoed these sentiments, stating that Solana is “finally breaking out from this downtrend consolidation.”
Jeremy suggested that Solana’s price could significantly increase if the ongoing global tensions and political disputes, like the Trump-Musk online feud, don’t continue to affect the market. He ended with a bold claim that “1 SOL = $300 is just a matter of time.”
At the time of writing, Solana is trading at $156, marking a 1.88% increase in the daily timeframe.
