After consolidating between $122 and $187 for about six months, Solana (SOL) has broken out above this range and is now eyeing a long-term target of $290, with its all-time high standing at $259.96.
Over the past week, Solana has outperformed both Ethereum (ETH) and Bitcoin (BTC) in terms of gains. Analysts expect the cryptocurrency to continue its upward trend, with a potential retracement towards $184 in the near future.
Potential 21% Upside for Solana According to Price Prediction
The recent breakout above the range was a strong bullish signal, accompanied by high trading volume and a positive Chaikin Money Flow (CMF) of +0.21, indicating significant capital inflow into Solana. This has bolstered the bullish outlook for the altcoin.
Based on Fibonacci levels from the February and March rally, the next key resistance levels for Solana are at $241 and $291. Despite possible pullbacks along the way, the overall market sentiment remains optimistic for a sustained uptrend.
The continuous presence of the Awesome Oscillator above zero over the past six weeks reflects strong buying momentum, suggesting further price appreciation. However, the $210 level could act as a significant hurdle in the short term.
Breaking Through the $210 Barrier: Is Solana Capable?
An analysis of the liquidation heatmap for the last month reveals a concentration of liquidation levels in the $202 to $225 range, indicating a potential roadblock for Solana buyers in the near future. It might lead to a temporary reversal in the current trend.
On the downside, notable liquidity is observed around the $150 mark, signaling strong support. Given Bitcoin’s price holding above $70,000, a sharp pullback towards $150 seems less probable.
Moreover, the 48-hour heatmap highlights the $184 level as a key short-term support level that could attract price action before a further upward move.
Therefore, any retesting of the $180-$190 range should be seen as a favorable opportunity to enter long positions.
Disclaimer: The views expressed here are solely the author’s opinion and should not be considered as financial advice, investment guidance, or trading recommendations.