After the latest breakout above the pivotal resistance around $220, the Solana price seems to be poised to keep up the bullish trend. Currently, the token is consolidating within a tight range, signalling a potential breakout as volatility compresses. The crypto is forming a symmetrical pattern near key resistance, with rising on-chain activity and strong network fundamentals supporting bullish momentum. If SOL breaks above the $245–$250 zone with volume confirmation, it could trigger a parabolic rally.
Solana’s market cap has just smashed a new ATH of over $130 billion, surpassing the previous highs of around $127 billion. With this, $61 million in short positions were liquidated in the past 24 hours, which helped the price to rise above the pivotal barrier at $235. On the other hand, some reports suggest that Galaxy Digital bought $510 million worth of SOL this week, hinting at big money entering the ecosystem.
On the other hand, FTX & Alameda have just unstaked $45 million worth of SOL from staking. Since November 2023, they have redeemed 9.98M SOL worth around $1.2B by following the same monthly liquidation schedule. This could raise some concerns, but the chart pattern suggests that the token is primed for a major breakout.
As seen in the above weekly chart, the SOL price appears to be extremely bullish as the price has broken the final barrier ahead of the highs. This marks a successful recovery from the loss since the start of the year. On the other hand, it also marks the beginning of a fresh rise after rebounding from the lows within a cup & handle pattern. The SOL price has broken the corrective phase and has led to a strong upswing. The RSI is in incremental and above to reach the upper threshold.
Hence, the Solana price is believed to reach $245 in the next few days, after which, a new ATH above $300 can be expected. The token’s trajectory appears optimistic as the weekly supertrend has just turned bullish after being bearish since the start of the year. However, in the wider perspective, reaching $1000 is completely dependent on the market conditions and the institutional interest.
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