Solana Price Analysis: Multi-Month Resistance Break Leads to $200
A 5.84% gain lifted Solana past $160 multi-month resistance in a turnaround.
Since July, this crucial level has held SOL in consolidation, making a rise to $200 possible.
Solana is up 10.24% since last Monday, a change from its prior stagnancy. As other cryptocurrencies ride the upward wave this month, Solana seems to be following in.
Over the previous 24 hours, Solana trade volume has increased 96% to $3.4 billion, signaling a fresh investment tsunami.
Solana Price Breaks $160 ResistanceâNext $200?
This push connects with the handle's upper trendline, completing a symmetrical triangular pattern, setting a good precedent for the cup and handle pattern breakout since late 2021.
A momentary break in an uptrend, the cup and handle pattern suggests Solana's long-term price rise will continue.
Solana consolidates in the handle channel before its next move. This fresh triangular pattern signals this phase may be ending as pressure rises for a breakthrough.
In particular, the MACD line has crossed over the signal line in recent days, which has caused the Solana price to rise significantly.
Solana maintains its strength, maintaining the 50SMA as support for its current advance.
The Relative Strength Index (RSI) stays at a neutral 60 after today's increase, suggesting this gain is sustainable rather than erratic and not yet overbought.
There is a solid precedence for this momentum to remain as it approaches higher resistance, with a breakthrough objective of $173.50, albeit a retest of $160 is possible first.
After a breakthrough, the cup's upper resistance at $205 will be watched. The pattern targets $400, however.
A spike in adoption, liquidity, and a new all-time high in active wallet addresses in October after a trough in September support further appreciation.
