Solana price is on a bullish path after hitting a two-week high of $134 today, April 14. A top trader now believes that the ongoing SOL rally is in its early stages and forecasts a bull run past $300 after spotting a bullish setup on the CME futures chart. Can Solana attain this target, or will bears regain control?
Solana Price Eyes $300 as CME Futures Flash Bullish Sign
According to top crypto trader BitBulls, Solana price may be on the verge of a rally to $300. This analyst observed that SOL was following a clear accumulation and breakout pattern on the CME chart. This pattern mirrors the Ethereum 2021 trend that preceded a massive move for ETH to the upside.
BitBulls further observed that the key accumulation zone for SOL is between $120 and $130. As more traders accumulate at this zone, it may trigger a parabolic Solana price rally to a fresh all-time high above $300.
Several factors, such as onchain data, support this top trader’s bullish thesis. Analyst CryptoPatel noted that network activity on the Solana blockchain is on the rise. In the last seven days, more than $120M has been bridged to SOL, indicating that Web3 users are turning to the blockchain.
He further added that the crowd sentiment on Solana price is shifting after the SOL/ETH ratio surged to an all-time high over the weekend.
As traders accumulate when the crowd sentiment is positive and on-chain data is bullish, it supports the Solana price forecast of a rally past $300.
Key Levels to Watch in Solana Price
Solana price is currently trading within a key demand zone as depicted on its one-day price chart. This means that traders are accumulating SOL at this zone as they anticipate an upswing.
Once SOL bounces from this demand zone, it faces the first resistance level at $180. This level previously served as critical support, with a breakout above it set to flip the market structure from bearish to bullish.
If Solana can make a decisive close above $180, it will clear the path for the next bullish leg to $237. If the buying pressure is still strong at this level, SOL can target forming a fresh all-time high.
Looking at the RSI, it is clear that buyers have resumed. This indicator stands at 54, which is its highest level since late January. This further shows that the bullish momentum is growing stronger.
Given the setup on the CME futures chart, it is likely that a new all-time high for Solana price may be in sight. The shifting market sentiment and a change in the market structure to bullish further make it possible for SOL to reach $300.
The post Solana Price Eyes $300 Rally as Top Trader Spots Bullish Setup on CME Futures Chart appeared first on CoinGape.
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