Analysts anticipate that the price of Solana may rally to $180, as the token has successfully surpassed a significant resistance level.
With the cryptocurrency market undergoing a bullish reversal and its total market capitalization increasing by 3.17% to reach $2.74 trillion, Solana's price appears to be preparing for a potential rebound.
Traders and investors are eager to take advantage of the token's volatility, prompting analysts to identify crucial price levels to monitor in the near term.
Notably, analysts such as Ted foresee a possible increase in SOL's value to $180, driven by heightened activity from large investors.
This article will examine the key Solana price levels to observe in the short term, enabling you to stay informed and seize market opportunities.
Will Solana Price Reach $180 by May?
As Solana's price remains below $140, market participants are closely monitoring its movements.
While some bears express concerns about a potential decline to $120, analysts like Ted maintain a positive outlook, forecasting a possible rise to $180 by May 2025.
Citing historical trends, Ted argues that solana's price is likely to reach between $160 and $180. He points out that current price patterns resemble those observed in the fourth quarter of 2022, indicating potential similarities in future price behavior.
Furthermore, the analyst holds an optimistic view for the token, predicting that SOL may achieve a new all-time high in the third quarter of this year.
SOL Breaks Through Major Resistance: What Lies Ahead
In a recent post on X, TraderAG forecasted a potential target of $170 for Solana's price following its breakthrough of the crucial resistance range between $135 and $137.
While the analyst anticipated a possible retest at the $125 mark, SOL's movement beyond the resistance zone has ignited speculation of an upward trend.
TraderAG believes that SOL has the potential to reach $170 and possibly higher in the near future.
According to market expert price prediction for solana, the cryptocurrency is projected to achieve a maximum of $173.44 and a minimum of $140.04 by 2025.
Key Levels to Monitor
Analyst Degen Hardy has provided an in-depth analysis of SOL’s current market dynamics, focusing on identifying a long entry point.
He suggests that an ideal scenario would involve a pullback in Solana's price, which could lead to the formation of an inverse head and shoulders pattern.
Notably, the chart shared by the trader highlights critical levels to observe. With SOL having surpassed the important support level of $125 and the resistance level of $135, the next target is set at $178.
Currently, sol is priced at $139.23, reflecting an increase of 2.15%. In the last week and month, Solana has seen gains of 3.25% and 6.6%, respectively.
Historical trends indicate that if Solana surpasses $178, its price could potentially rise to $256. The significant price levels between $178 and $256 are $199, $216, and $238.
Additionally, heightened activity among large investors suggests a possible recovery in Solana’s price.
Whale Alert reported that a Binance wallet transferred 374,161 SOL, valued at $52,768,341, to an unidentified wallet.
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