- Solana’s $240 target draws near, with bids in the low $190s and strong support at $194, signaling the potential for another rally.
- Crypto analyst Crypto Chase sees SOL’s bullish momentum steady above $194, setting sights on surpassing its recent high of $215.
- Strong buying in November keeps Solana’s bullish trend intact, with a projected pullback offering potential entry for investors.
Solana (SOL) remains on an upward trajectory, with crypto analyst Crypto Chase projecting further gains toward the $240 level. The current outlook shows bids accumulating in the low $190 range, with the potential for a short-term correction that offers opportunities for both long and short positions. A key support level lies around $194, serving as a critical marker for bullish momentum as the cryptocurrency continues to consolidate its recent gains.
Sideways Movement Leads to Breakout
From late September to early October, SOL moved sideways between $152 and $172 before entering an uptrend on October 7. This upward trend saw SOL’s price rise to $196 by October 24, followed by a minor retracement back to $176.
However, as of October 26, SOL resumed its climb, marking steady gains until reaching a local high of approximately $215.03 on November 11. Breaking through the $196 resistance was significant, signaling growing bullish interest that could lead SOL to higher targets.
The unfilled gap around $194, noted by Crypto Chase, shows the sustained bullish sentiment for Solana. This gap serves as a foundation for further upward movement, provided that SOL stays above this level. Besides maintaining its current support, this price range could be pivotal for investors looking for entry points as SOL aims to challenge new highs.
Potential Pullback Before a Higher Rally
Crypto Chase’s analysis hints at a possible pullback toward $196, with a bid range set around the low $190s. This correction could serve as a buying opportunity for experienced traders. The current setup highlights a steady continuation pattern if SOL remains above the $194 level, where the gap remains unfilled. By protecting this gap, the upward momentum is likely to persist, setting the stage for a rally beyond the previous high at $215 and potentially breaching $240.
The sharp buying momentum observed post-November 7 adds to the optimistic outlook. This surge suggests a solid bullish structure, further supported by a consolidation phase that may pave the way for another rally. A move above $215 would strengthen Solana’s upward momentum, likely leading to a test of the $243.16 resistance zone.
The post SOL Sets Sights on $240 with Key Support at $194, Says Crypto Chase appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed