Cryptonews Price Analysis

Solana Poised for $295 Surge After Correction – Are the Bulls Ready to Take Control?

On the back of mass market-wide liquidations, the bulls appear to be vying to determine Solana's next move in approach of a new all-time high.

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.

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Last updated:

December 10, 2024

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Solana Price Poised for $295 Surge After Correction

With a substantial 4.81% uptick today, the Solana price appears to have moved past its recent consolidation, reaffirming bullish end-of-year projections for the altcoin.

While even leading altcoins did not escape the liquidation event unscathed, Solana has proven to be among the most resilient, down just 2.38% for the week.

Indeed, as trading volume dips 26% to $7.5 billion, the bears seem to have taken the back seat as the recent volatility appears to have subsided.

Solana Price Analysis: Is $295 Next?

A bullish breakout could be in play as the Solana price nears the end of a symmetrical triangle pattern forming since early November.

SOL / USDT 4H chart, symmetrical triangle pattern. Source: Binance.

Despite a breakdown of the pattern during the early week $1.6 billion market-wide liquidation event, Solana has returned to attempt a bullish breakout.

This time, though, the bulls appear to be taking the lead as the MACD line affirms a decisive crossover above the signal line. Historically, this move has coincided with significant upticks in the Solana price.

Particularly with the Relative Strength Index (RSI) in a more favorable position, at a neutral but bullish-leaning 56, the foundation for a breakout attempt seems strong.

If the pattern materializes, a breakout would set a price target at a new all-time high of $295 towards the year’s end, representing an almost 30% advance on current prices.

Could Solana Go Higher?

Looking wider, a potential breakout from this point could continue the breakout path of a cup-and-handle pattern forming since late 2021.

SOL / USDT 3D chart, cup-and-handle pattern breakout. Source: Binance.

The breakout from the pattern’s handle in late November has been somewhat stalled by recent volatility, but a potential turnaround could set the sights back to its target of $380, a massive 60% jump from current prices.

This target is much more credible running into 2025, particularly as fundamentals like potential Solana ETF approval stand to bolster the altcoin’s trajectory.