Solana Surges Past $110, Chart Analyst Eyes $133 Target
Solana has broken through the $110 mark, a resistance level that had capped its gains for weeks, potentially paving the way for a run toward $133, according to a technical analyst closely monitoring the cryptocurrency’s chart. This development follows the same analyst’s recent prediction of a possible 20% surge for Solana, a forecast that now appears to be materializing.
Why $133 Is the Next Level to Watch
The $133 price point aligns with a significant resistance zone on Solana’s chart. While not a guaranteed destination, the analyst anticipates Solana reaching this level, provided Bitcoin’s own upward momentum continues, given the historical correlation between the two assets. As momentum builds, the analyst intends to continuously adjust support levels based on where the price finds its next trough.
Solana Is Outperforming Bitcoin
Solana has recently demonstrated stronger performance than Bitcoin. When examining their relative trading action, Solana still has considerable room for ascent before encountering its own resistance area.
The analyst suggests that this current bounce is likely not over, indicating that Solana could continue to gain ground against Bitcoin in the short term. This trend would only reverse if Solana were to fall back below a specific lower support level, which would signal a shift in momentum favoring Bitcoin.
Is Solana Officially in a Bull Market? Not Yet Confirmed
The analyst remains cautious about definitively declaring a full-blown bull market at this juncture. To confirm such a shift, a clear pattern of price increases in stages, followed by only partial pullbacks, and then a push to new highs is required. Currently, Solana has achieved a higher high compared to its previous peak, surpassing its May high even before Bitcoin did, which aligns with its current outperformance. However, the analyst is still awaiting confirmation of a higher low before classifying this as a genuine trend reversal rather than a mere bounce.
Key Levels for the Coming Days
On shorter-term charts, the analyst is observing $107.40 as the immediate support level. As long as Solana maintains its position above this level, the short-term uptrend is expected to remain intact. A breach below this level would serve as the initial indication of a local peak forming. An even tighter, more immediate support is situated at $111.06, a crucial level for those tracking very short-term price movements.
For the time being, Solana’s momentum appears robust. However, the analyst emphasized that no guarantees exist in the cryptocurrency market. The current setup favors further upside toward $133, contingent on Bitcoin’s continued ascent and Solana’s ability to hold its support levels. Nevertheless, a confirmed bull market call awaits further evidence, particularly a solid, higher low after the next peak is established.
