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HomeCrypto NewsAnalysisSolana Flag Breakout Eyes 60% Rally to $239 Target: Details

Solana Flag Breakout Eyes 60% Rally to $239 Target: Details

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With a flag breakout briefly crossing the psychological $150 mark, can Solana top the $200 threshold in this bull run?

Despite Bitcoin’s price failing to sustain levels above $64K, the bull run in altcoins is gaining momentum. Solana has displayed a flag breakout on the 4-hour chart, extending its uptrend and hinting at a potential bull run.

However, the broader price action reveals a rounding bottom pattern that contains this trend. Will this short-term flag breakout breach the larger rounding bottom and push Solana past $200?

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Solana Upshifts Bullish Gear

With a boost in momentum, Solana’s price briefly surpassed the $150 mark. The 4-hour chart indicates a bullish flag pattern breakout within a larger rounding bottom structure.

After bouncing from the 38.20% Fibonacci level at $145, the altcoin is now challenging the 50% Fibonacci level at $154. However, a subsequent higher price reaction has resulted in an evening star pattern, causing a 2.5% decline in the last eight hours.

Solana Price Chart
Solana Price Chart

Nevertheless, the reversal in Solana is a retest of the bullish breakout of the overhead trend. As the chances of a post-retest reversal from the broken overhead trend line are significant, it will mark a new bull cycle within the larger rounding bottom pattern. 

Additionally, a surge in demand is reflected in the MACD indicator, which shows a positive crossover between the MACD and signal lines. The merging of the 100 and 200 EMA suggests a potential bullish crossover, while the rising 50 EMA on the 4-hour chart will provide dynamic support if corrections occur.

Will Solana Cross $200?

The neckline of the broader rounding bottom pattern is near the $160 mark, just below the 61.80% Fibonacci level at $163. Based on current price analysis and Fibonacci levels, a breakout from the rounding bottom is likely to surpass the 100% Fibonacci level at $192.

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If this occurs, the next resistance level at the 1.618 Fibonacci level is projected at $239.35. This would require a growth of approximately 60% from the current price of $150.

On the downside, crucial support levels are identified at the 38.20% Fibonacci level of $145 and the 23.60% level at $133.98.

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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