Key Points:
After a brief drop from $184 to $160, SOL is attempting to reclaim the key resistance level of $180 for the second consecutive week. With Bitcoin (BTC) reaching an all-time high, market speculators are anticipating a potential rotation of funds, which could drive major altcoins like SOL to new highs.
SOL shows encouraging signs on the daily chart, forming a textbook bullish flag pattern after a strong upward trend. Although SOL is currently trading below $180, a breakout above this level could push SOL towards its first target of $200, with further upside potential reaching $220 if momentum continues.
SOL Daily Chart. Source: Cointelegraph/TradingView
The trend remains bullish, with the Relative Strength Index (RSI) at 64.30, indicating healthy momentum without signs of overbought conditions. However, SOL needs a clear Market Structure Break (MSB) or a decisive bullish breakout above $180 to trigger the next leg of the rally.
The declining trading volume during the consolidation phase suggests caution, as a lack of buying pressure could hinder the breakout process.
If SOL fails to break above $180, the immediate key area of focus will be between $140 and $150, at which point the bullish flag pattern would be deemed invalid. This support range is a daily order block that should provide high time frame (HTF) support in the event of a price pullback.
Cryptocurrency trader Robert Mercer shared a chart identifying a price fractal pattern similar to that of October 2024. Mercer highlighted two key areas: the region where SOL broke above $180 after consolidation at the end of 2024, and the current area mirroring that setup. He predicts that a breakout above $180 could trigger a sharp rally, similar to SOL's rise to nearly $260 at the end of 2024.
SOL Price Fractal Analysis. Source: X.com
Similarly, technical analyst Javon Marks identified a hidden bullish divergence on SOL's 3-day chart, a pattern that previously triggered a 1,332% increase in 2024. Marks stated that if this pattern breaks again in 2025, SOL could reach a price target of $450.
Well-known cryptocurrency trader XO is also looking for long opportunities but advises waiting to see if SOL can turn $180 into a support level.
XO's SOL Analysis. Source: X.com
Related: CFTC Staff Exodus: Fourth Commissioner to Depart "Later This Year"
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Solana (SOL) Price Fractal Targets Rally to $260, But Analysts Say One Condition Must Be Met First”
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