With the market turning increasingly bullish, Solana continues to demonstrate resilience and upside momentum, holding strongly above the $200 price mark. As SOL’s price gains traction, key indicators are beginning to signal the potential for further upward movement in the short and long term.
An Impending Move For Solana To $275 And $300
Solana has reclaimed above the $200 price level once again following the recent market resurgence. Meanwhile, many crypto analysts believe that this could be the time for the leading altcoin to enter a parabolic phase and hit new all-time highs.
Related Reading: Solana Is Not Dead? This Upper Boundary Retest Could Set The Stage For $268
In an X (formerly Twitter) post, Darkfost, an author and on-chain expert at CryptoQuant, has outlined key indicators that point to a bigger move on the horizon. Given that indicators are turning strongly bullish, Solana’s current course puts it in an excellent position to regain market dominance in the upcoming months.
According to the on-chain expert, SOL continues to rise in silence as investors appear to be concentrating on Ethereum. Even though ETH has surged significantly to a new all-time high, Darkfost highlights that SOL might be gearing up for a similar upswing to a new all-time high in the near future.
After examining Solana’s chart in the 1-day time frame, the expert revealed that the 21- and 50-day Exponential Moving Averages (EMAs) remain upward-sloping, acting as support above the 200 EMA, which is beginning to curve upward. This positioning indicates resilience and growing strength for an upsurge.
Darkfost also highlighted a positive development in the Relative Strength Index (RSI) indicator. Presently, the RSI indicator is holding strongly above the 50% level, suggesting a positive momentum.
The chart is showing that SOL has formed two key formations, such as the Broadening Megaphone structure and the Harmonic BAT pattern. While the upper limit of the megaphone structure sits around $300, the harmonic BAT pattern with a strong daily close above the neckline is targeting the $275 zone.
As the price quietly increases, a short-term range is being broken. Darkfost noted that a verified daily close above $210 should signal the start of the next bullish wave (3), with a minimum objective (1-1.27) between $250 and $300. This aligns with both the BAT target and a strong liquidity zone starting at $275.
Indicators Signaling Significant Upside Potential
This newfound strength of SOL following the market resurgence goes beyond the 1-day time frame. In the larger outlook, particularly the 1-week time frame, Darkfost has also highlighted the growing momentum in the ongoing Solana trend.
Related Reading: Ethereum Vs. Solana: Arthur Hayes Picks His Winner For This Cycle
Unlike the 1-day chart, the altcoin has reclaimed the 21 EMA and 50 EMA, both of which are rising after challenging the 200 EMA. The weekly RSI is experiencing a persistent upward move above the 50% level, with notable upward potential before moving into overheated territory. Furthermore, this week’s weekly close also confirms the emergence of the harmonic BAT pattern.
Combining these indicators, SOL appears to still have a lot of room for growth in the near and distant future, while it is still lagging behind the second-largest crypto asset, Ethereum.
Featured image from iStock, chart from Tradingview.com
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