Bitcoin (BTC) has had a volatile 24 hours, hitting as low as $68,830 on the Binance crypto exchange before recovering some losses. Liquidation Data At A Glance Although BTC is trading close to its all-time high (ATH) value of $73,737, yesterday’s quick drop in price cast doubts on whether the top digital asset will be able to record a new ATH. Related Reading: Bitcoin Makes ATH Against Euro Due To Change In Dollar Strength, Details Inside According to CoinGlass data from the crypto liquidations tracker, more than $296 million of active positions were liquidated in the last 24 hours. Nearly 77% were long positions, indicating that traders were largely betting on BTC’s continued upward momentum. Binance saw the most liquidations at $124 million, followed by OKX with $74 million and Bybit with $65 million. In digital assets, Bitcoin led with over $97 million worth of positions liquidated, followed by Ethereum (ETH) at $47 million, and Solana at nearly $17 million. With yesterday’s slump, the total crypto market cap has shrunk by about 3.5%, currently valued at $2.48 trillion. It is worth noting that although BTC is close to its ATH, the total crypto market cap is still considerably far from its ATH of $2.98 trillion recorded in November 2021. The gap between BTC’s performance and the overall market cap suggests that altcoins have not kept pace with BTC’s recent gains, contributing to the disparity. This could also indicate a cautious investor sentiment, favoring BTC over altcoins during uncertain periods. At the same time, it suggests that there is still a lot of room for altcoins to grow, which could tempt some more risk-seeking investors to accumulate altcoins in hopes of extraordinary gains relative to BTC. That said, Bitcoin dominance – a metric that gauges the proportion of the overall crypto market cap commanded by BTC – is steadily climbing toward 60%. A higher BTC dominance could spell disaster for altcoins already trailing BTC in price action. Can Bitcoin Still Hit ATH? The question on the minds of crypto enthusiasts is whether BTC will achieve a new ATH during this rally. The answer is not straightforward. Related Reading: Bitcoin’s Active Addresses Signals Golden Cross—What Next For BTC? Factors supporting a potential new ATH include the increased likelihood of pro-crypto US presidential candidate Donald Trump winning the election, the effects of BTC halving, increased inflows to BTC exchange-traded funds (ETF), and a low interest rate environment. On the contrary, sentiment indicators like the Fear and Greed Index suggest the market is still in a ‘greed’ phase, hinting that there could be more pain for the market before the next leg up. Regardless of the outcome, the crypto market will likely remain volatile in the coming days. However, long-term BTC holders do not appear fazed by this prospect, as profit-taking remained relatively muted when the digital asset crossed $71,000. At press time, BTC trades at $71,524, up a modest 0.6% in the past 24 hours, with a reported market cap of $1.41 trillion. Featured image from Unsplash, Charts from CoinGecko, CoinGlass, and Tradingview.com
Markets have started to sell-off, and Bitcoin needs to hold $70,000 for the BTC and altcoin rally to continue.
XYO’s native token is now tradable against tokens, including SOL and USDC, on Solana-native decentralized exchanges Jupiter and Raydium.
Solana-based restaking and liquid staking could follow the explosive growth trajectory of Ethereum’s liquid staking ecosystem.
Institutional investments in Solana-based applications surged to $173 million in Q3 2024, marking a significant increase, according to a Messari report.
Solana is one of the top networks, commanding a market cap of over $81 billion, according to CoinMarketCap data. Even as crypto prices rise and sentiment improves, SOL has struggled for momentum. Solana Retraces: Will Prices Break $200? Over the past week of trading, market data shows that SOL is stable, posting a 3% dip […]
Solana trimmed gains and traded below the $175 support zone. SOL price is now approaching the $165 support and might bounce back in the near term. SOL price started a fresh decline after it struggled near the $185 zone against the US Dollar. The price is now trading below $172 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $172 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a decent upward movement if it stays above the $165 and $162 support levels. Solana Price Holds Support Solana price struggled to clear the $185 resistance and started a fresh decline like Bitcoin and Ethereum. There was a drop below the $180 and $175 support levels. The bears even pushed the price below $172 and tested the $165 support zone. A low was formed at $165 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $183 swing high to the $165 low. Solana is now trading below $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $170 level. The next major resistance is near the $172 level. There is also a key bearish trend line forming with resistance at $172 on the hourly chart of the SOL/USD pair. The main resistance could be $175 or the 50% Fib retracement level of the downward move from the $183 swing high to the $165 low. A successful close above the $175 resistance level could set the pace for another steady increase. The next key resistance is $182. Any more gains might send the price toward the $185 level. More Losses in SOL? If SOL fails to rise above the $170 resistance, it could continue to move down. Initial support on the downside is near the $165 level. The first major support is near the $162 level. A break below the $162 level might send the price toward the $150 zone. If there is a close below the $150 support, the price could decline toward the $135 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $165 and $162. Major Resistance Levels – $170 and $172.
If the Ethereum network makes a few critical adjustments, ETH price could sustainably rally to $3,000 and above.
In a surprising take, a crypto analyst has foreseen a crash in the price of Solana despite the ongoing bull momentum. This analyst is projecting a crash in the price of Solana, offering a fresh perspective on the crypto heavyweight. According to a crypto trader who goes by the name AlanSantana on TradingView and is very active on the trading platform, Solana’s trading volume in the past two months suggests the crypto is gearing up for a crash. Analyst Predicts Massive Crash For Solana AlanSantana observed that Solana’s trading volume has dropped significantly between September and October 2024, a development that often signals a bearish outlook and may suggest an upcoming downward price impulse. Inferring from this outlook, this suggests that the volume trend is pointing towards demand tapering off. Related Reading: Bitcoin Price Breaks Out Of 7-Month Descending Broadening Wedge Pattern For Continuation Above $70,000 The analyst also draws a contrast with last year’s trading activity, specifically from September to November 2023, when Solana’s volume was on the rise. This uptick in trading volume fueled a bullish rally that extended through the first quarter of 2024, with momentum carrying Solana to substantial highs by March. Based on the difference in two time periods and the current decrease in trading volume, the analyst suggested that there is a higher probability of Solana going in a main bearish direction. In light of this, he highlighted a Solana price crash below the $50 price level. Interestingly, a crash below $50 will effectively cancel out the gains in the past year and would return the cryptocurrency to its price range in November 2023. SOL Whales Continue With Activity Solana is still largely in a bullish mode despite the decline in trading volume that was pointed out by AlanSantana. According to data from on-chain tracking firm Lookonchain, crypto whales are have upped their Solana trading activity in the past week, as evidenced by on-chain data. Related Reading: Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next? In a recent post on social media platform X, Lookonchain highlighted three instances of Solana whale addresses withdrawing SOL tokens from crypto exchanges and staking them. The largest withdrawal came from address “AA21…VxH9,” which moved 153,511 SOL tokens worth approximately $26.4 million from Binance to stake them. Another whale, identified by the address “EHax…gAUa,” withdrew 35,498 SOL tokens valued at $6.12 million from Binance and Kraken over the last three days, also staking the tokens. On the other hand, whale address “EGzi…mR7g” bought 13,000 SOL tokens worth $2.3 million from Binance to bring its total holdings to 95,651 SOL. Interestingly, another smart Solana whale address recently sold 26,726 SOL worth $3.86 million. This whale, known for buying low and selling high, currently holds 42,729 SOL, which are valued at $7.61 million. At the time of writing, Solana is trading at $178, up by 8% in seven days. The accumulation and momentum are bullish, and a crash towards $40 seems bleak at the moment. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin’s shallow pullback shows buyers are not rushing to the exit and increases the likelihood of a rebound to new all-time highs. Will altcoins follow?
The Solana (SOL) memecoin ecosystem is regaining traction with investors as Bitcoin (BTC) leads the overall market recovery, approaching its previous record high of $73,700 set in March. This renewed interest is reflected in the performance of Popcat (POPCAT), one of the outstanding and best-performing tokens in the Solana memecoin space over the past month. Wintermute Fuels The POPCAT Bullish Trend POPCAT has emerged as a significant winner in the Solana chain in the past week, experiencing a 21% surge. Following a continued uptrend, the token recorded a 13% increase in just 24 hours, reaching a new all-time high of $1.75 on Tuesday. Related Reading: Bitcoin Triggers Golden Cross: What This Means For The Crypto Trend According to data from Nansen, the driving force behind this bullish trend has been a notable increase in buying pressure, largely attributed to market-making trading firm Wintermute, which has played a pivotal role in facilitating buying transactions within the digital asset. However, shortly after hitting its record peak, POPCAT retraced to approximately $1.70, attributed to increased profit-taking by investors, as many sought to capitalize on the recent gains. Nansen’s data indicates a pattern of transfers to decentralized exchanges (DEXs) for selling purposes, signaling a typical market behavior following a significant price surge and the achievement of a new record price. One of the key players in these transactions is the crypto exchange Bybit, which has been transferring POPCAT tokens in batches to the US-based exchange Kraken over the past few days. Despite these transfers, Bybit still retains around 63,602 POPCAT coins, valued at approximately $109 million. To avoid a sharp correction and maintain the upward momentum, it will be crucial for the POPCAT bulls to hold key support levels in the coming days, and in particular, to hold and consolidate above the $1.70 level. Key Levels To Watch Despite the enthusiasm surrounding the POPCAT token, the most significant support levels are well below current trading prices, which could lead to significant retracement. Looking at the POPCAT/USDT daily chart, the first support is located at the $1.55 zone, which, if lost, could lead to a further pullback down to the $1.48 support. This could jeopardize most of the token’s gains over the last week, as the loss of these levels could lead to a retest of its next support at $1.37. Related Reading: Analyst Says XRP Price Is Ready For A Breakout As Metrics Turn Bullish, What To Expect However, it remains to be seen whether the buying pressure seen over the past week can overcome the current profit-taking activity by investors in the token, as a consolidation above $1.70 in the next 72 hours can lead to a significant bullish weekly close. Featured image from DALL-E, chart from TradingView.com
Solana price hits $180 as Bitcoin storms toward a new all-time high. Data suggests SOL can go higher.
Solayer says anyone can mint the yield-bearing sUSD token with at little as $5 in USDC.
AgriDex is an example of how stablecoins are being increasingly used as a payment vehicle in emerging regions as a cheaper alternative for traditional banking rails.
Crypto-based investment products continued their positive streak after recording nearly $1 billion in inflows this week, seemingly fueled by the upcoming US Presidential elections. Bitcoin (BTC) led the positive net flows for the third consecutive week, making October the fourth largest month of crypto investment product inflows on record. Related Reading: US Investors Hold 4.9% […]
Solana (SOL), the fifth largest cryptocurrency by market cap, has recently outperformed several of the top ten cryptocurrencies with a notable 6% price increase over the past week. This rise puts Solana just behind Dogecoin (DOGE), which gained 7.8% over the same period, as the two best performers among the top ten cryptocurrencies by market capitalization. As a result, Solana has surpassed the payment platform PayPal in market capitalization, marking a significant milestone for the cryptocurrency. Solana Market Cap Hits $83.56 Billion As of now, Solana’s market capitalization stands at approximately $83.56 billion, reflecting a 2% growth. In contrast, PayPal’s market cap is slightly lower at $83.52 billion, underscoring the growing interest and investment in SOL as it continues to attract attention from investors. Related Reading: If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’ – Top Analyst In terms of trading volume, Solana has seen a remarkable increase of nearly 28% in the last 24 hours, amounting to around $2.76 billion. This contrasts sharply with PayPal, which has averaged $11.66 million in trading volume over the past three months. Despite its recent gains, Solana has faced challenges in breaking through its most important resistance level in the short term at $180, experiencing four unsuccessful attempts within the past week. This struggle has led to a slight retracement of 1% in the last 24 hours, bringing the current trading price to $175.60 per SOL. Potential Upside Breakout From Triangle Pattern Despite any short-term obstacle, crypto analyst CryptoBullet has recently shared a bullish outlook for the Solana price, suggesting that the SOL/BTC trading pair is on the verge of a “big breakout.” According to the analyst, this potential movement could represent the final leg up in Solana’s current market cycle. Previous predictions from CryptoBulltet indicated that Wave 4 of Solana’s price action on the weekly chart has concluded, setting the stage for a breakout from a “massive” triangle pattern, which could lead to new all-time highs. However, while Solana is currently trading between $175 and $179, it remains down nearly 33% from its all-time high of $259, achieved during the 2021 bull market in November. Related Reading: Cardano Price Prediction: Analyst Says 80-90% Correction Is Over With 100% Jump Imminent Looking at the key support levels, with the current consolidation mode experienced over the past week, the token has found strong support at $170, preventing it from retesting even lower levels, which if breached in the current retracement could take SOL to the $164 area, where its next support level is located. However, given the number of bullish predictions for Solana and the broader market in the final months of the year, especially with the upcoming US elections, if the token manages to break above $180 and consolidate, the next target would be the $200 level, which has not been tested since the start of the last bearish trend at the end of July. Featured image from DALL-E, chart from TradingView.com
Solana started a steady increase above the $165 resistance zone. SOL price is trading well above $175 and aiming for more gains above $185. SOL price is showing positive signs from the $165 support zone against the US Dollar. The price is now trading above $172 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $177 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could gain bullish momentum to retest $200 if it clears the $182 resistance. Solana Price Eyes More Upsides Solana price formed a base above the $160 level and started a fresh increase like Bitcoin and Ethereum. There was a decent move above the $165 and $170 resistance levels. The bulls even pumped the price above $175. There was a break above a key bearish trend line with resistance at $177 on the hourly chart of the SOL/USD pair. The pair even tested $182 and it currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high. Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $182 level. The next major resistance is near the $185 level. The main resistance could be $188. A successful close above the $185 and $188 resistance levels could set the pace for another steady increase. The next key resistance is $195. Any more gains might send the price toward the $200 level. Downside Correction in SOL? If SOL fails to rise above the $182 resistance, it could start a downside correction. Initial support on the downside is near the $180 level. The first major support is near the $176 level or the 61.8% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high. A break below the $176 level might send the price toward the $172 zone. If there is a close below the $172 support, the price could decline toward the $165 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $1878 and $176. Major Resistance Levels – $182 and $185.
Investment activity in digital assets surged almost throughout October, as crypto investment products, especially that of Bitcoin, experienced substantial inflows, according to the latest data released by CoinShares. Last week alone, global crypto funds attracted $901 million in net inflows, pushing the total for the month to $3.4 billion. Related Reading: Bitcoin Price Rebounds Above $67,000 As Whales Continue to Accumulate Bitcoin Dominates Inflows As Ethereum Sees Outflows According to CoinShares, out of the total fund flows recorded, Bitcoin-centric investment products captured the lion’s share of inflows, with $920 million in net additions over the past week. US spot Bitcoin exchange-traded funds (ETFs) recorded $997.6 million in net inflows, led largely by BlackRock’s iShares Bitcoin Trust (IBIT). Bitcoin’s dominance was notable, with blockchain equities and Solana-based products also seeing inflows of $12.2 million and $10.8 million, respectively. However, other Bitcoin-based products, including those outside US markets, faced some net outflows. While Bitcoin maintained strong inflows, Ethereum-based funds recorded net outflows of $34.7 million last week, signaling a decrease in investor interest. CoinShares reported that Ethereum’s price ratio to Bitcoin had fallen to its lowest point since April 2021, which could be contributing to this outflow trend. The data suggests that while Ethereum has seen gains in the past, investors are now focusing more on Bitcoin, possibly anticipating future regulatory clarity and further mainstream adoption with developments like spot ETFs. Regional Trends And Behind The Boom Geographically, US-based crypto funds attracted a substantial $906 million in net inflows last week. In contrast, other regions saw mixed results, with funds based in Sweden, Canada, Brazil, and Hong Kong collectively experiencing $29.1 million in net outflows. This difference highlights the United States’ growing role in shaping the global crypto investment market, especially as American firms like BlackRock and Fidelity expand their crypto offerings. According to CoinShares’ Head of Research, James Butterfill reveals that the we political climate likely influences the recent Bitcoin price movements and increase in inflows. He noted that Republican gains in the polls correlate with increased interest in Bitcoin investments. Related Reading: Bitcoin Stock To Flow Model Shows Price Is Ready For Next Phase Transition Above $100,000 This suggests that market participants may see a shift in political power as favourable to digital assets, potentially driving anticipation of regulatory reforms or even greater crypto acceptance. CoinShares report shows that the October influx represents roughly 12% of assets under management (AUM) in digital asset funds and marks the fourth-largest month for inflows on record. This brings the year-to-date total to $27 billion, almost tripling the previous high of $10.5 billion set in 2021. Featured imahge created with DALL-E, Chart from TradingView
Raydium (RAY) is on a tear. Despite the usual volatility across all crypto assets, including blue-chip meme coins like Dogecoin and Pepe, the token is up 215% this year. Raydium Rallying But Traders Must Be Cautious Taking to X, the analyst maintains that RAY will likely continue rallying as long as Pump.fun, the meme coin launchpad on Solana, is token-free. RAY is within a breakout pattern at spot rates, easing past March and July highs and printing a new 2024 high in the process. Related Reading: GOAT Outpaces PEPE Growing To $900M Market Cap In 2 Weeks – Details As it is, not only did buyers force the token above these two major liquidation levels, but it impressively shook off the weakness of August and September, more than doubling from September lows in the process. As crypto sentiment improves, the odds of RAY edging higher for the better part of Q4 2024 will only increase. For now, traders expect the “uptober” to benefit altcoins the most. If Bitcoin, Ethereum, and Solana prices tick higher, breaking key resistances in the coming sessions, other quality DeFi tokens, including RAY, will find major tailwinds. Despite the confidence that Q4 of every trading year brings, Bitcoin has been moving sideways, struggling to breach $70,000. If there is an upswing, perhaps triggered by the outcome of the upcoming general election in the United States, RAY could extend gains in the process. Will A Pump.fun Token Slow Down RAY Bulls? The pace at which RAY expands, recouping losses of 2022, will also depend on other market factors, including meme coin activity on Solana. Additionally, traders will determine whether Pump.fun will launch their native utility and governance token. This is crucial because liquid tokens, surpassing the 69 SOL market cap threshold, are automatically listed on Raydium. Related Reading: Top Crypto Analyst Unveils Best Altcoins For The 2025 Bull Run Pump.fun is one of the most active platforms on Solana, aiding the minting of over 2.7 million meme coins on Solana. Due to this, the meme coin launchpad has generated over $152 million in fees, according at Dune Analytics. The eventual launch of a Pump.fun governance token will allow the platform to tap value, taking advantage of its valuation and virality. The team revealed plans to launch their token and a trading bot in a recent Twitter Spaces. As positive as this may be, there is no specific timeline for the token’s launch. A Pump.fun token could attract liquidity away from RAY, possibly dampening the DEX’s growth despite the Pump.fun-Raydium current relationship, investors will find the meme coin launchpad’s token more attractive, especially if it serves a useful purpose and allows holders to participate in governance. Feature image from DALLE, chart from TradingView
Solana has had an impressive year. After worrying dips in late 2022, the bounce of the second half 2023 thrusted the platform to the top five. At spot rates, not only is SOL, the native token up 100% over the last 10 months, but the network is now a meme coin hub. Solana is the […]
Bitcoin ETFs are recording solid buying, a sign that traders believe to be an indicator that BTC will break through the range highs.
Solana’s surging fees are correlated with growing trading activity on the network’s leading decentralized exchange, Raydium.
Ethereum and Solana’s hold on DeFi is about to end, well, at least according to Cardano’s Charles Hoskinson. In a Twitter/X post on October 25th, the Cardano co-founder claimed that decentralized finance is coming to Bitcoin, and it’s going to be bigger than Ethereum and Solana. Related Reading: $100 Million Loss: Malaysian Electric Company Hit […]
Bitcoin’s bounce back to $68,000 raises the chance of a rally in SOL, DOGE, RUNE and BGB.
Solana is showing strength as it pushes above the critical $171 level—a price that previously acted as supply and now serves as a solid demand zone. This level is relevant for bulls, as holding above could pave the way for a rally in the coming weeks. Crypto analyst and investor Carl Runefelt recently shared a technical analysis indicating that Solana’s current price action remains bullish as long as it sustains support above this mark. Related Reading: Ethereum Whale Activity Spikes To 6-Week High – Smart Money Accumulation? Solana’s ability to turn former resistance into a support base reflects increased demand, which could act as a catalyst for further upward momentum. The market is closely monitoring these movements, and the next few days are expected to be crucial for Solana. If SOL maintains its trajectory above $171, it may spark optimism for an extended uptrend. Investors will likely keep a close eye on Solana’s price dynamics, as any shift below this level could alter the short-term outlook for one of crypto’s most promising assets. Solana Testing Liquidity Top investor Carl Runefelt recently shared his insights on X, highlighting the significance of Solana’s head and shoulders pattern. In his analysis, Runefelt noted that a successful neckline retest would confirm the bullish trend’s strength. Runefelt’s chart analysis further indicates that as long as SOL remains above the neckline, bullish momentum is expected to persist, with his target price set at $202 in the short term. This potential upward movement has caught the attention of both investors and traders who are looking at the $202 level as an achievable target if the current bullish trend continues. Runefelt’s analysis underscores that the neckline acts as a critical support level—one that, if maintained, could drive strong buying interest. However, any break below this neckline could shift the momentum, potentially leading to a more cautious outlook. Related Reading: Bitcoin Bullish Outlook Confirmed By Critical Data – STH Overheating? With the head and shoulders structure forming, Solana’s price action will be crucial in the next few days. A successful retest of the neckline could fuel continued growth, possibly pushing SOL to new highs. SOL Price Action Solana (SOL) is trading at $172, steadily climbing as it targets a higher supply zone. To maintain this bullish momentum, SOL bulls need to push the price above the critical $180 resistance level. This $180 mark acts as a key resistance, and breaking it could potentially trigger a wave of FOMO (fear of missing out) buying, which would drive the price even higher. This psychological level may attract increased interest from traders who see a clear breakout as a signal for more gains. However, maintaining this bullish trend is essential. If SOL cannot maintain support above $171, a retracement to lower demand zones is likely. This move could bring SOL back to test support levels closer to previous lows, possibly slowing down the current momentum. Related Reading: Solana Breakout From Bullish Pattern Could ‘Send SOL To The Moon’ – Crypto Analyst For traders and investors watching closely, the next moves around the $171 and $180 levels are key indicators. A strong push past $180 could suggest continued strength in Solana’s price action. A drop below $171 would signal weakness, indicating a temporary pause or pullback in the recent rally. Featured image from Dall-E, chart from TradingView
Ethereum (ETH) continues to perform poorly against Bitcoin (BTC) as the second-largest digital asset by reported market cap hit new multi-year lows against the top cryptocurrency. Ethereum Continues To Underperform Against Bitcoin Today, Ethereum’s native ETH token slid further against BTC, recording a low of 0.0365 and erasing all its gains against Bitcoin since April […]
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Solana (SOL) has shown remarkable strength in recent weeks, surging by 32% over the past fifteen days. This impressive price action has positioned SOL as one of the top-performing assets, outpacing Bitcoin and many other altcoins. Analysts and investors are increasingly optimistic about Solana’s potential, with many forecasting continued upward momentum in the weeks ahead. Notably, prominent investor Carl Runefelt recently shared a technical analysis on SOL, highlighting a breakout from a bullish pattern that could signal massive gains for the cryptocurrency. Related Reading: Number Of Bitcoin Bulls Increases As Funding Rate Shows Steady Growth – Details With this breakout, price action remains firmly bullish, indicating that the next major target for SOL is around the $185 level, where it will encounter local supply. If momentum holds, Solana could soon challenge this key resistance, further solidifying its place as a leader in the current market cycle. Solana Breaking Out Of Cup&Handle Pattern Solana is breaking out from a classic “Cup & Handle” pattern, often associated with strong bullish moves. This pattern has caught the attention of top analyst Carl Runefelt, who recently shared his technical analysis on X, indicating that Solana’s recent price action aligns with a breakout from a descending channel. According to Runefelt, this setup signals that Solana could be ready for a significant upward move. He shared a chart with a potential price target of $370, suggesting a substantial 115% surge from current levels. Runefelt’s optimism stems from the Cup & Handle pattern, where the price consolidates after an uptrend and then forms a small dip (the handle) before breaking out. This pattern is known to attract strong buyer interest, representing a period of consolidation and momentum building. However, while the breakout is promising, it may take some time to fully play out, as the entire crypto market appears to settle before its next significant move. Solana has consistently outperformed in this cycle, with price action and volume reflecting sustained investor interest. Related Reading: Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally With Solana pushing through key resistance levels and establishing a solid foundation, the potential for a bullish continuation is high. If the breakout confirms and Solana’s momentum holds, the next weeks could see SOL pushing into new heights, solidifying its position as a top-performing altcoin and meeting investors’ bullish expectations for substantial gains ahead. SOL Testing Crucial Supply Solana is trading at $171, maintaining a strong uptrend with a well-defined bullish structure over the past two weeks. This level represents a key demand zone that previously acted as resistance, signaling a potential for higher gains if the price holds steady. A continued hold above $171 would support further bullish momentum, potentially pushing SOL toward the next significant supply area at $185. However, should SOL lose the $171 support, a retrace to around $160 is likely. This level has been pivotal in the past weeks, serving as a strong resistance point that capped previous price attempts to rise, creating a solid foundation for renewed bullish interest. A move down to $160 wouldn’t necessarily break the overall uptrend but would offer an opportunity to consolidate before the next push higher. Related Reading: Ethereum Bullish Breakout Confirmed – Top Analyst Predicts $3,400 Target As investors and traders watch these levels closely, the $171 mark will be an immediate gauge of strength. Holding above it keeps the uptrend intact, while a dip to $160 would still offer support for Solana’s longer-term bullish outlook. SOL’s resilience in these levels reflects the optimism surrounding the asset’s potential in the weeks ahead. Featured image from Dall-E, chart from TradingView