Solana (SOL) Price Next Direction Is Up – Key Levels to Watch

Mudrex, a crypto analyst, posted an analysis on TradingView about Solana's price trajectory. Based on his post, Solana has been impressive, with returns

Solana price is now aiming for $200 after forming a double bottom and completing a bullish breakout from a symmetrical triangle on the daily timeframe. Key levels to watch for SOL include $172, $185, and $200.

Solana price has been performing remarkably well in 2023. While the market-cap top dog, XRP, is yet to yield any substantial returns, SOL has already generated gains of over 16.2%. This impressive performance has also been observed among Solana-associated tokens, particularly meme coins.

Solana price experienced a significant double-bottom formation on the daily timeframe. This pattern, combined with the bullish breakout from a symmetrical triangle, has sparked interest among crypto enthusiasts.

As the dust settles from a massive rally that saw SOL price climb from $135 to highs of $185, traders are now keeping a close eye on the next pivotal levels. After retesting the $172 support, SOL price is once again attempting to breach the $185 resistance.

Upon breaking through this crucial level, the next significant target for SOL is $200, followed by a potential revisit to this year’s all-time high at $210.

A further analysis of the dailyの時間枠 reveals that the MACD (levels 12, 26) is turning bullish and is currently valued at 8.50. The RSI also stands at 65.71, indicating that there is still potential for further upward movement.

Solana price has notably respected the 200 EMA, which provides hope for continued bullish momentum. Together, these major indicators are suggesting continued bullish momentum, which could lead to further gains in the near term.

Solana price analysis: Aiming for $200 after completing a double bottom and bullish breakout from a descending channel on the dailyの時間枠

Solana price showed signs of recovery after regaining the 200-day moving average, which is a bullish path in the long term. A bullish breakout from a descending triangle above $160 could lead to an uptrend to $200. Place a stop-loss at $154 for those who would love to take trades after the breakout.

The price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend. Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle.

The short-term and medium-term trends are strong, while the long-term trend is neutral. The momentum is bullish but inflecting with the MACD line above the signal line. However, a declining MACD histogram could be a signal that momentum is declining and the price is nearing a downswing.

If the price is able to break above the descending channel, then we could see an upswing to $200. However, a decline could see a dip back to $125.00, then $100.00.