Solana (SOL) Price Prediction: $2,700 Possible, But $170 Resistance Key

Solana (SOL) is poised for a significant price surge, potentially reaching $2,700, according to a technical analysis by Ali Martinez. However, this bullish prediction hinges on SOL breaking through the crucial resistance level of $170. Martinez identifies a “mega cup-and-handle” pattern on the weekly chart, a classic bullish formation often preceding substantial price rallies. This pattern, characterized by a period of decline followed by a recovery and subsequent consolidation, is currently forming in the SOL chart. The neckline of this pattern sits around $170. A decisive weekly close above this level would validate the bullish outlook and trigger a substantial price increase. The initial target, based on Fibonacci retracement, is $295, coinciding with the current all-time high. More significant breakouts from similar patterns historically suggest even higher targets of $787, $1,314, and potentially $2,744. Conversely, failure to break $170 could lead to a price drop towards support levels at $135 or even $100. Currently, SOL trades at approximately $162.58, showing a slight daily dip despite a recent 10% weekly gain. While the prediction is bullish, the $170 resistance is the critical factor determining whether this potential rally will materialize. The success of this price movement is entirely dependent upon overcoming this key resistance. The analysis emphasizes the importance of this resistance level in unlocking the potential for a significant price increase. A failure to breach $170 would invalidate the bullish prediction and potentially result in a substantial price correction.

(Source: https://www.newsbtc.com/news/solana/solana-sol-set-for-price-run-to-2700-but-this-condition-must-hold/)