Solana (SOL) Eyes $261 as Bullish Setup Suggests 27% Upsurge

  • SOL seems ready to reverse its underperformance period before revisiting a record high.
  • The prevailing chart pattern indicated a 27% surge from a critical resistance line.
  • Solana slicing under the $170 mark will mean trouble for bulls.

Solana’s (SOL) price prepares a journey towards its $261 ATH as its bullish chart setup indicated an incoming 27% surge. Nevertheless, the Ethereum killer has to slice past the vital resistance zone at $203 to achieve the optimistic target.

SOL Price Contemplates Massive Comeback

The four-hour chart shows SOL price created an ascending triangle setup, forming a higher low. The prevailing chart formation indicates a potential 27% surge from the primary technical pattern’s upper boundary to levels around $260, the crypto’s record peak.

Solana’s initial resistance line emerges at 21 4hr Simple Moving Average near $174, corresponding with a 23.6% FIB retracement area. More headwinds might showcase near $181, where 50 4hr Simple Moving Average and 100 4hr Simple Moving Average intersect. Further hurdles might appear at 200 4hr Simple Moving Average of $185, then 38.2% IB retracement of $190.

If SOL bulls continue pushing higher against sellers’ distribution, Solana price might target the primary technical pattern’s top trend-line at $203. The Momentum Reversal Indicator’s resistance and the 50% retracement mark sit at this value area.

Meanwhile, SOL overcoming the $203 headwind will lead to a 27% upsurge, the prevailing chart formation’s optimistic prediction.

SOL price would meet resistance near 61.8% FIB retracement at $216, then 78.6% FIB retracement at $234 before attaining the mentioned upside target. The altcoin will depend on the correct sentiment and broad market backing for its rallies. Moreover, maintaining its current momentum will mean Solana exploring higher value areas soon.

Meanwhile, surged sell orders will translate to lows by the altcoin. That way, the SOL price will secure an immediate support floor at the governing technical pattern’s lower boundary at $170. Breaching this defense level will ruin the bullish structure. That can lead to more drops towards $167, 1 January low, then 6 October peak at $161. For now, SOL needs to retain its momentum for surges towards its record highs.

Stay tuned for more updates.

Editorial credit: davide bonaldo / shutterstock.com