With huge gains in recent days, Solana has shown real potential in this ongoing bull cycle, making SOL one of the best performing crypto assets on the market. As a result of the upswing, there is growing confidence within the community about the likelihood of SOL rising to higher resistance levels or a new peak.
An extended rally for Solana’s price?
Leading altcoin that Solana has reaches a critical pattern break, marking a major turning point for SOL’s price action and technical formation. The recent breakout shows the resilience of the crypto asset, triggering another rebound after the SOL fell sharply on Tuesday evening.
According to Rose Premium Signals, SOL is showing steady strength as it moves into a clear uptrend and breaks past flat resistance. As a result of the outbreak, the platform highlighted that the altcoin has formed a bullish framework, which supports its potential to reach even higher targets in the coming weeks.
After a thorough examination of the breakout, Rose Premium Signals has placed the next possible upside targets for SOL at the $268, $320, and $367 levels, indicating its strong belief of an impending notable rally as the bull market progresses.
With SOL breaking through key resistance levels, it could further strengthen its bullish momentum, allowing for a massive rally to higher highs. This development comes in the light of growing Solana ecosystemwhich could attract more investors over time and significantly impact the price.
Trader Tardigrade, a market expert and crypto content creator, also strongly believes in a huge rally. The expert delved into the current price action of the altcoin predicted that SOL could soon achieve important goals and possibly reach a new record.
Trader Tardigrade’s prediction is based on a bullish breakout of a 2-week descending trendline that has kept SOL’s price in check. This move signals renewed strength for the digital asset, pushing its price towards crucial resistance levels that could spark positive momentum. Given the robust upward momentum and rising optimism among investors and traders, the expert expects the altcoin to be valued at around $300, $500 and $1,000 in 2025.
Time for SOL to rise
In a previous one afterTrader Tradigrade also cited another major trend for SOL on the 1-day time frame, suggesting the asset is gearing up for a significant rally. According to the expert, Solana witnessed a daily close above the 50-weighted moving average (WMA), which caused a price rally. With enough resilience from the recent pullback, Trader Tardigrade claims it is time for SOL to rise again.
At the time of writing it is SOL was positioned at the $236 price level, following a decline of 0.05% over the past day. In the weekly time frame, the altcoin is also down almost 2%. Despite the declining price trend, investors can still be optimistic about an increase, as evidenced by an increase in daily trading volume of more than 14%.
Featured image from Adobe Stock, chart from Tradingview.com