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HomeCrypto NewsAnalysisSolana Aims for $172 and $192 with Rounding Bottom Breakout Potential

Solana Aims for $172 and $192 with Rounding Bottom Breakout Potential

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With a bullish reversal in play, will Solana surpass the $150 mark for an extension to $169?

Despite the broader market recovery gradually losing momentum, underlying sentiments remain optimistic for the upcoming month. Solana is preparing for a breakout run as Bitcoin and other top altcoins hover near crucial levels.

Lower timeframe charts support the breakout potential, but key resistances lie ahead. Can Solana overcome these levels to drive a bullish month?

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Solana’s Rounding Bottom Pattern

In the 4-hour chart, the Solana price trend reveals a rounding-bottom reversal as the recovery rally gains momentum. The neckline for this reversal aligns with the 61.80% Fibonacci level at $158.49.

This recovery has resulted in a golden crossover between the 50 and 200 EMA, with an upcoming bullish crossover between the 100 and 200 EMA. Furthermore, the consolidation between $140 and $149 hints at a double-bottom reversal.

Solana Price Chart
Solana Price Chart

The neckline of the double-bottom reversal aligns with the 50% Fibonacci level at $149.32. As bullish price action in the 4-hour chart suggests an uptrend continuation, the altcoin is likely to challenge the neckline of the rounding-bottom pattern.

Based on the Fibonacci levels, a bullish breakout could potentially reach the 78.60% or 100% Fibonacci levels at $172 and $192, respectively. Conversely, failure to surpass the 50% Fibonacci level at $149 could undermine the rounding-bottom reversal. In such a case, the bottom support for Solana stands at the 23.60% level, around $130.

Solana’s Bullish Resilience and Upside Targets

In the daily chart, bullish momentum shows resilience against the overhead resistance that has led to multiple lower-high formations. A double-top reversal occurred near the $200 mark in March, at $183 in July, and at $159 in August.

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Solana Price Chart
Solana Price Chart

However, the recent rounding reversal reflects this bullish resilience. Following lower price rejections from the $117 demand zone, Solana has recovered an 18.50% jump in the last 18 days from $125.

Based on the Fibonacci levels retraced during the March correction phase, Solana’s potential price targets are $159 and $169. Conversely, the 200-day EMA at $139, close to the 23.60% Fibonacci level at $137, serves as a crucial support level.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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