Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Recent price action indicates strong support at key levels setting up Solana for a possible move higher. If certain short-term requirements are satisfied, analysts see $160 as the next possible target.
First, the price of Solana is firmly hovering around the $120 support level, which has been tested and honored in recent weeks. Investors are feeling more confident that a strong foundation is being laid thanks to this crucial level. The market is still in demand, and any higher low (HL) near $135 would indicate a change in the market’s structure and the beginning of a possible uptrend.
The next likely target for the market is $160 if Solana keeps gaining ground on this support. According to the larger structure, technical confirmations are necessary to bolster the move even though the uptrend is still in its early phases. On the four-hour and daily charts, SOL is currently going through a trend retest.
Related
We will know a lot about Solana’s ability to sustain momentum from this impending retest. The probability of the price reaching the $160 mark in the upcoming days or weeks will rise if it can sustain itself in the $135 range, which would confirm the bullish outlook.
In conclusion, there are three crucial price points for Solana to keep an eye on: $120 is an important support threshold. The total of $135 is where an HL would verify a change in market structure. The next target if the current early uptrend keeps gaining traction is $160.
Waiting for these important technical confirmations, both traders should be cautious but bullish because Solana has already regained some serious momentum and could be ready for a bullish move.
