Solana has recoiled for two consecutive weeks after it soared to a record high on November 18. SOL still has strong fundamentals, helped by its popular meme coins and its DeFi performance. So, can Solana price jump to $300 in the next 30 days as some analysts predict?
Solana Price Could Soar To $300: Experts Forecast
Solana price has retreated to $235, a 10% drop from the year-to-date high. This decline happened after the coin rallied to a record high of $263. Still, analysts are optimistic that the coin will resume the uptrend, and possibly retest the key resistance point at $300, a 30% increase.
In an X post, Cold Blooded Shiller, a popular analyst with over 310k followers, estimated that the coin would get to $300 sooner than most people expect, pointing to its strong performance of the renko chart. The Moon Show, another popular crypto pro, noted that the coin was forming a bullish breakout on the four-hour chart, pointing to a jump to $290.
Fundamentally, Solana is seeing strong traction because of its meme coins, which have a market cap of $20 billion. Its DEX volume and total value locked has also risen, making it one of the most popular chains.
SOL Price Technical Formations Point to A Bullish Breakout
The daily chart shows that Solana has all the ingredients to make a strong comeback in the next 30 days. It has already made a bullish breakout above the key resistance at $210, the highest level in March this year. Moving above that level was important because it signaled that there were adequate buyers in the market still.
Solana seems to be forming a bullish flag chart pattern. This pattern is characterized by a long vertical line and some consolidation at the top. An asset typically has a bullish breakout after the flag forms.
SOL also seems to be about to form a break and retest pattern. This is a situation where an asset breaks above a key resistance – $210 in this case – and then retests it. In most cases, this pattern leads to a continuation of the original trend.
It is also worth noting that the ongoing pullback happened after Solana price crossed the psychologically important level of $250. It is common for assets to pull back when this happens. For example, Bitcoin has dropped to $98,000 after crossing the $100k milestone this week.
Therefore, there are rising odds that the value of SOL will rebound, and possibly get to the next psychological point at $300.
Conversely, a drop below the key support at $193, which is slightly lower than the support at $210 will invalidate the bullish view. This price was also the highest swing on July 29.
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