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Solana Set for $295 Increase Following Correction – Are the Bulls Prepared to Regain Dominance?
With a notable increase of 4.81% today, the Solana price seems to have surpassed its recent period of consolidation, reinforcing optimistic end-of-year forecasts for the altcoin.
Although even top altcoins were affected by the liquidation event, Solana has demonstrated considerable resilience, declining only 2.38% over the week.
As trading volume decreases by 26% to $7.5 billion, the bears appear to have retreated, as the recent fluctuations seem to have diminished.
Solana Price Analysis: Is $295 Next?
A bullish breakout may be on the horizon as the Solana price approaches the conclusion of a symmetrical triangle pattern that has been developing since early November.
Despite a breakdown of the pattern during the early week $1.6 billion market-wide liquidation event, Solana has made a return to pursue a bullish breakout.
This time, however, the bulls seem to be taking charge as the MACD line indicates a significant crossover above the signal line. Historically, this movement has been associated with substantial increases in the Solana price.
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With the Relative Strength Index (RSI) positioned more favorably at a neutral but bullish-leaning 56, the groundwork for a breakout attempt appears solid.
If the pattern unfolds as anticipated, a breakout would establish a price target at a new all-time high of $295 by the end of the year, representing nearly a 30% increase from current levels.
Could Solana Go Higher?
Looking at the broader picture, a potential breakout from this juncture could extend the breakout trajectory of a cup-and-handle pattern that has been forming since late 2021.
SOL / USDT 3D chart, cup-and-handle pattern breakout. Source: Binance.
The breakout from the pattern’s handle in late November has faced some delays due to recent volatility, but a potential recovery could refocus on its target of $380, a significant 60% rise from current prices.
This target appears increasingly plausible as we approach 2025, especially with fundamentals such as the potential approval of a Solana ETF likely to enhance the altcoin’s trajectory.
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