Solana (SOL) Targets $400 After a Major Breakout

Solana (SOL), the Ethereum Killer, has lost the $200 level after a massive downtrend. According to data from CoinMarketCap, the Solana coin price has plunged by 15.4% on the weekly chart and 28.7% on the monthly timeframe.

Solana (SOL) price analysis reveals a potential target of $400 following a breakout from a bullish pennant on the weekly timeframe. Meanwhile, IntelMarkets (INTL) has grabbed the attention of several crypto analysts. Despite the recent market downturn, some cryptocurrencies, such as INTL, continue to soar, offering investors a chance for high gains. Here's a closer look at the price movements and analysis.

Solana (SOL) Targets $400 After Major Breakout

Solana (SOL), often dubbed the "Ethereum Killer," has seen its price drop below the $200 level after a significant downtrend. However, SOL's performance in the past week has been noteworthy. According to data from CoinMarketCap, the SOL coin price has plunged by 15.4% on the weekly chart and 28.7% on the monthly timeframe. Despite the overall market correction, SOL's relative strength index (RSI) has dropped close to 30, indicating potential oversold conditions.

On December 17, the SOL coin price began to gain momentum, climbing above the $176 level before rising further to trade above $180. This price movement occurred after a massive downtrend, which saw SOL's value plummet from all-time highs of around $170.

In terms of future price analysis, The Moon Show believes that SOL is up for grabs. They noted the Solana coin price retesting the massive triangle in the 7-day timeframe. With the breakout from the triangle, The Moon Show forecasts a mid-term target of $330 for SOL.

On the other hand, Captain Faibik mentioned in another tweet that SOL has broken out of a bullish pennant. The technical formation usually leads to a continuation of the prior trend. In this case, the breakout suggests a possible uptrend continuation. The analysis predicts the altcoin value might rise to $400. Presently, the RSI has dropped close to 30, indicating potential oversold conditions. On the flip side, the stochastic fast (14) and average directional index (14) show buy signals, which is a bullish sign.

Ethereum (ETH) Eyes $5k

In a recent tweet, a top analyst known as Jelle noted that Ethereum (ETH) is still struggling to break the $4k support level. The cryptocurrency faced another rejection from the level on December 17. However, Jelle believes that the bulls will soon break free, as the bears cannot remain strong for long.

In the case of a breakout, the value of the Ethereum token could soar to $5k in the subsequent weeks. The Ethereum price is trading below $3.5k due to the ongoing market correction. CoinMarketCap data shows the value of the altcoin has dropped by 15.3% in the past week.

A top trader known as Daink notes that breaking the $3.4k level could pave the way for the Ethereum crypto price to return to $4k. On the other hand, losing the region could pull the altcoin to $2.75k.

In other news, Ali Charts noted that whales are accumulating Ethereum (ETH). According to him, they have bought over 340k ETH in the last four days, indicating increased trading volume and investors’ interest in the cryptocurrency.