Analyst Eyes $160 As The Potential Target For Solana
Solana currently trades at $147.61 after experiencing mixed price action across multiple timeframes. The cryptocurrency has declined 1.4% in the past 24 hours and suffered a 10% loss over the past two weeks.
Chart patterns reveal forms a bull flag pattern on the daily timeframe, according to crypto analyst Lark Davis. This technical formation typically signals continuation of the prior uptrend. Davis identifies a breakout target of $160, which aligns with additional technical confluences including a potential MACD bull cross and a break above the 20-day exponential moving average.
Another analyst, also places his hopes on the $142-$148 level as the reference point for SOL’s future direction. As per their view, the price movement has formed a double bottom configuration at the $147 area on hourly chart, and the recovery from the aforementioned area is set to be confirmed. In this analysis, a clean close above $148-149 is set to target the $155-160 price level in accordance with the bull flag estimate.
The technical configuration indicates SOL coiling between these important levels, triggering volatility that is likely to generate larger moves. The volume and price compression patterns indicate the pressure to accumulate that might be relieved with a dramatic break in either direction.
Not everyone is optimistic, though. Trading Tank is doubtful of the support holding currently and asserts SOL is “hanging on for dear life” at these levels. This is the hope that the consolidation will break lower and dip-buying opportunities will arise if support fails to hold.
Wave analysis is another means of examining SOL’s present spot. One analyst that price action still appears to be within wave (4) of a larger Elliott Wave cycle. This correcting wave may continue as long as price stays over the $139 support level, keeping the larger bullish thesis alive for a follow-up wave (5) upleg.
The $139 level has assumed significance from a wave point of view as a breakdown below would tend to negate the current bullish count and opt for a more severe correction underway. Holding this level in finishing the wave (4) correction, however, would set the stage for the following impulse wave higher.
Current price action indicates SOL has traded between $142.85 and $147.61 in the last 24 hours, while the 7-day range is $128.60-$148.55. These are the current battleground for bulls and bears whose fate will determine whether SOL is bound for more resistance or retrace below support levels. The all-time high of $293.31 remains 51% above current levels, which was set in January 2025 just five months ago.