Crypto analyst Spartan Trader has highlighted the multiple opportunities that Solana presents for investors. This came as SOL attempts to break above $200, a level which crypto analyst Ali Martinez has suggested could spark a massive run.
Solana Is Flashing Multiple Opportunities
In a TradingView post, Spartan Trader declared that Solana is presenting multiple opportunities on the horizon. For the first context, he stated that the support was at $125.50, while resistance was at $185. The psychological levels are $150 and $190. For the second context, he highlighted a technical structure that is forming for SOL.
The analyst claimed that Solana is in a bearish wedge that has formed the beginning of a bearish channel that has tested support three times and tested resistance four times. He alluded to the Fair Value Gap (FVG), with there being one bearish 4-hour FVG located above SOL’s price and three bullish 4-hour FVG located below the price.
Furthermore, he stated that the Golden Pocket sits right below the 4-hour FVG, aligning with the $190 psychological level. Spartan Trader described this as a strong confluence. For the third context, the analyst provided insights into Solana’s volume. He stated that the volume indicator shows a spike in volume from the psychological $150 level and $155. The analyst noted that this aligns with the POC and a Rejection Block located right above the 0.65 Fibonacci level.
For the bullish scenario, Spartan Trader said that with multiple confluences at the $150 level, the Solana price could sweep the previous low as it bounces off the lower anchored VWAP. He added that this will lead to the completion of a Cup and Handle formation, producing enough momentum for a breakout of the Bearish Wedge.
For the bearish scenario, the crypto analyst stated that above the $200 psychological level, there remains a Rejection Block for Solana. He added that sweeping this area may lead to enough liquidation to push the altcoin back within the Bearish Wedge and allow for a breakout towards the POC.
SOL Could Rally To New ATH If This Happens
In an X post, crypto analyst Ali Martinez said that once Solana breaks above $189, there is little resistance as it makes its way towards new all-time highs (ATHs). The current ATH is $294, which it reached earlier in the year. Meanwhile, Martinez also raised the possibility of SOL reaching as high as $1,000.
The crypto analyst claimed that Solana is targeting $1,315 after it broke out of a textbook Cup and Handle pattern. However, he failed to mention a timeline for when the altcoin could reach this target. Fundamentals such as the imminent spot Solana ETFs provide a bullish outlook for SOL.
At the time of writing, the Solana price is trading at around $185, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
