With a substantial 4.81% uptick today, the Solana price appears to have moved past its recent consolidation, reaffirming bullish end-of-year projections for the altcoin.
While even leading altcoins did not escape the liquidation event unscathed, Solana has proven to be among the most resilient, down just 2.38% for the week.
Indeed, as trading volume dips 26% to $7.5 billion, the bears seem to have taken the back seat as the recent volatility appears to have subsided.
Solana Price Analysis: Is $295 Next?
A bullish breakout could be in play as the Solana price nears the end of a symmetrical triangle pattern forming since early November.
Despite a breakdown of the pattern during the early week $1.6 billion market-wide liquidation event, Solana has returned to attempt a bullish breakout.
This time, though, the bulls appear to be taking the lead as the MACD line affirms a decisive crossover above the signal line. Historically, this move has coincided with significant upticks in the Solana price.
Particularly with the Relative Strength Index (RSI) in a more favorable position, at a neutral but bullish-leaning 56, the foundation for a breakout attempt seems strong.
If the pattern materializes, a breakout would set a price target at a new all-time high of $295 towards the year’s end, representing an almost 30% advance on current prices.
Could Solana Go Higher?
Looking wider, a potential breakout from this point could continue the breakout path of a cup-and-handle pattern forming since late 2021.
The breakout from the pattern’s handle in late November has been somewhat stalled by recent volatility, but a potential turnaround could set the sights back to its target of $380, a massive 60% jump from current prices.
This target is much more credible running into 2025, particularly as fundamentals like potential Solana ETF approval stand to bolster the altcoin’s trajectory.
The post Solana Poised for $295 Surge After Correction – Are the Bulls Ready to Take Control? appeared first on Cryptonews.
