Solana (SOL) Poised to Break Resistance: All-Time High on the Horizon?

Now that the US Federal Reserve has made its expected rate cut on Wednesday, the altcoins are jockeying for position in order to take advantage of a potential surge in crypto. $SOL is one of the top altcoins, as well as being a leading performer. Can $SOL bulls break resistance and send the price up to the all-time high?

$SOL just under last horizontal resistances

Source: TradingView

The short-term chart for $SOL shows that the price is just below the first resistance at $247. Just above this is the main resistance at $252, and then there is one final token resistance at $260 before the all-time high at $295.

The chart reveals that the $SOL price previously broke out of a wedge pattern. The measured move for this breakout has still not been met, and is above the resistance levels at $266.

Fibonacci suggests $252 is the critical resistance level

Source: TradingView

In the daily time frame if one drags the Fibonacci extension levels from the all-time high down to the local low at $95, it can be seen that the 0.786 Fibonacci lines up perfectly with the $252 horizontal resistance level. 

$SOL bull market target levels

Source: TradingView

Finally, if one zooms out into the very high time frame of the monthly, it can be seen that the actual candle body resistance is at $238, and the $SOL price has already passed this horizontal level. If this monthly candle closes above this level, $SOL could be on its way to the Fibonacci targets on the chart of $415 and then $667.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.