Solana Price Analysis: Multi-Month Resistance Break Paves SOL’s Path to $200
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
In a turnaround, the Solana price has affirmed a break above the $160 multi-month resistance, with a 5.84% jump.
This critical level has bound SOL in consolidation since July, making a further move to the coveted $200 mark seem attainable.
Indeed, today’s uptick represents a move away from Solana’s recent stagnancy, now up 10.24% since last Monday. It seems that Solana is finally joining the party as other notable altcoins ride the bullish wave this month.
This inflection point has spurred a new wave of investor interest in Solana, with a 96% explosion in trading volume to $3.4 billion over the past 24 hours.
With this push, Solana sets a strong precedent for a breakthrough of the cup and handle pattern forming since late 2021 as it aligns with the handle’s upper trendline, forming a symmetrical triangle pattern.
The cup and handle pattern favors a bullish continuation of Solana’s long-term price appreciation, representing a temporary pause in a prevailing uptrend.
Currently, Solana remains bound within the channel forming the handle, consolidating before its next move. This new triangle pattern suggests that this phase may be coming to a close as pressure builds toward a breakthrough.
Most notably, the MACD line has affirmed a crossover above the signal line over the past few days, a move which, in recent history, has led to a significant uptick in the Solana price.
Solana also remains firm in its strong footing, reaffirming the 50SMA as a solid support level to its recent uptrend.
Given that the Relative Strength Index (RSI) remains at a neutral
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