After experiencing a brief pullback, Solana’s price has stabilized at the $163 mark and is currently hovering around $168. This cryptocurrency is once again approaching a critical resistance level of $170, which has consistently challenged Solana over the past month.
Despite recent fluctuations, analysts maintain a robust bullish outlook for Solana. There is a strong belief that the token could soon reach new all-time highs, surpassing its previous peak of $259 set in November 2021.
Analysts Eye Potential Bullish Breakout
In the last 24 hours, Solana has made a recovery of nearly 3%, though the trading volume has slightly decreased by about 2%, as per CoinGecko data. This reduction in volume suggests that while some profit-taking is occurring, bullish investors remain interested, especially following the recent price retracement.
Crypto analyst Byzantine General has observed that buying pressure seems to be intensifying at lower support levels. Traders are keen to take advantage of price dips in Solana, enhancing their positions in the short term. The bullish forecast is further supported by Captain Faibik, who recently proposed on X (formerly Twitter) that Solana might be on the verge of a “bullish pennant” breakout after a lengthy period of consolidation observed on the 3-day SOL/USDT chart.
Faibik suggests that a successful breakout from this pattern could drive Solana to a new all-time high of $400 within the ongoing bullish cycle, which is anticipated to extend at least until the first quarter of 2025. However, this projection is relatively conservative compared to the more ambitious forecast by market expert Crow.
How The Solana Price Could Reach $800
In another social media update, Crow predicted that the Solana price could potentially rise by around 400% during this bull run, drawing comparisons to the previous 2021 uptrend. He explained that the last bull cycle had two distinctive phases: an initial rise from $3 to $50, followed by another surge from $25 to $250. Currently, Solana has advanced from $16 to $200, and Crow anticipates a potential climb from $200 to $800.
However, it is crucial to note that bull cycles rarely follow a linear path. Historical data underscores this, with Solana experiencing notable retracements exceeding 20% on August 5 and September 6, respectively.
To effectively navigate these market fluctuations, it is vital to examine Solana’s daily chart and pinpoint key support levels. If these levels are sustained by bullish investors, further declines could be mitigated. In the event of a deeper correction, the first significant support level to monitor is $160, followed by $153 and $145.
The most critical support zone, however, lies at $127. This level has consistently demonstrated resilience throughout Solana’s consolidation phase in recent months, successfully preventing further price declines and safeguarding the essential $100 mark.
