Solana Price Analysis: Multi-Month Resistance Break Paves SOL’s Path to $200

Junior Content Creator

Harvey Hunter

Junior Content Creator

Harvey Hunter

About Author

Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

Author Profile

Share

Copied

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

October 20, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

In a turnaround, the Solana price has affirmed a break above the $160 multi-month resistance, with a 5.84% jump.

This critical level has bound SOL in consolidation since July, making a further move to the coveted $200 mark seem attainable.

Indeed, today’s uptick represents a move away from Solana’s recent stagnancy, now up 10.24% since last Monday. It seems that Solana is finally joining the party as other notable altcoins ride the bullish wave this month.

This inflection point has spurred a new wave of investor interest in Solana, with a 96% explosion in trading volume to $3.4 billion over the past 24 hours.

Solana Price Breaks $160 Resistance: Is $200 Next?

With this push, Solana sets a strong precedent for a breakthrough of the cup and handle pattern forming since late 2021 as it aligns with the handle’s upper trendline, forming a symmetrical triangle pattern.

The cup and handle pattern favors a bullish continuation of Solana’s long-term price appreciation, representing a temporary pause in a prevailing uptrend.

Currently, Solana remains bound within the channel forming the handle, consolidating before its next move. This new triangle pattern suggests that this phase may be coming to a close as pressure builds toward a breakthrough.

Most notably, the MACD line has affirmed a crossover above the signal line over the past few days, a move which, in recent history, has led to a significant uptick in the Solana price.

Solana also remains firm in its strong footing, reaffirming the 50SMA as a solid support level to its recent uptrend.

Given that the Relative Strength Index (RSI) remains at a neutral 60 following today’s surge, it seems this growth is more sustained than volatile, not yet breaching overbought territory.

Therefore, there is a strong precedent for this momentum to persist in an approach of the upper resistance, with a breakout target around $173.50, though there could be a retest of the $160 level beforehand.

Upon a breakout, eyes will be set on the cup’s upper resistance at $205. However, the pattern sets a price target much higher, up to $400.

Furthermore, as October sees a surge in adoption, with increased liquidity and a new all-time high in active wallet addresses following a trough in September, fundamentals lend to further appreciation.

This New Low Cap Gem Could Rally Harder

While a $400 Solana price is certainly an appealing prospect, emerging opportunities hold the potential for truly substantial gains.

As “meme coin supercycle” sentiment takes hold and coins like $GOAT and $MOODENG experience sudden rises to prominence, strategic investors may find it beneficial to diversify into newer low-cap meme coins with exponential growth potential.

Specifically, Crypto All-Stars ($STARS) presents a unique opportunity by pioneering the industry’s first meme coin staking platform.

The MemeVault brings together the entire meme coin community under the Crypto All-Stars umbrella, staking to earn rewards in the project’s native token, $STARS.

This allows the most dedicated meme coin holders to stay true to their favorite coins while capitalizing on the gains staking offers. Something which may be credited to its instant success, raising almost $2.5 million in its presale already!

This confidence is bolstered by STARS’s commitment to transparency, with two successful audits ensuring investor safety.

Beyond its pioneering approach to meme coin staking, $STARS itself offers one of the biggest passive income opportunities right now, with a substantial 592% APY. While the market has suffered under recent volatility, All-Star investors have been raking in consistent gains!

Join the Crypto All-Stars community on X and Telegram to stay up to date on the latest announcements.

BUY $STARS NOW