Is Solana (SOL) Price Set for a Move Toward $800?

Solana (SOL) has been in a prolonged consolidation phase for over 200 days, building momentum within a tight range of key support and resistance levels. 

However, technical indicators point towards a bullish pennant formation, and the market is anticipating a breakout that could propel SOL’s price to compelling new highs. 

Crypto analyst “@CryptoCurb” on X (formerly known as Twitter) shared this forecast with his 35k followers this afternoon. He added that the impending breakout could be massive, as SOL could reach a $400 pitstop or $800+ finality.

Solana Chart Analysis: 200+ Days of Re-Accumulation

For over 200 days, SOL has been in a re-accumulation phase, trading within a tight range between key support and resistance levels. According to the chart by CryptoCurb, the price has oscillated between $122.77 (monthly support) and $208.53 (monthly resistance). 

However, re-accumulation often indicates strong buying activity, as larger investors gather tokens while others exit the market. This prolonged consolidation could serve as a foundation for a potential upward breakout.

Moreover, the trading volume during this period has been significant, with a total of 972.139 million traded over the last 205 days. This volume supports the idea that SOL is primed for an upward move as market participants continue to build positions.

Image Source: X/CryptoCurb

The bullish pennant pattern identified in the chart suggests that a breakout may soon occur. This pattern typically forms after a strong upward movement, followed by a consolidation phase within a symmetrical triangle. In this case, SOL’s pennant points to a potential continuation of the previous uptrend.

Furthermore, the analysis suggests that once the price breaks above key resistance levels, the bullish momentum could drive SOL toward its projected targets. The next resistance levels are $140.72 and $169.99, followed by $208.53. Breaking these levels could pave the way for a rise to $400.

Read Also: Nervos Network (CKB) Price Consolidation Signals Imminent Surge: Key Levels to Watch

Solana’s Price Projection: $400 Pit Stop Before $800?

CryptoCurb also projects a possible price surge beyond $800, with a $400 pit stop along the way. The green trajectory on the chart illustrates a parabolic rise, which aligns with the expected breakout scenario. 

Furthermore, this aligns with bullish sentiment, although traders should remain cautious until key resistance levels are breached. The $400 target is considered a short-term goal, while the $800+ projection is a longer-term outlook for SOL. 

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