Solana Price Analysis: Multi-Month Resistance Break Paves SOL’s Path to $200

In a turnaround, the Solana price has affirmed a break above the $160 multi-month resistance, with a 5.84% jump.

This critical level has bound SOL in consolidation since July, making a further move to the coveted $200 mark seem attainable.

Indeed, today’s uptick represents a move away from Solana’s recent stagnancy, now up 10.24% since last Monday. It seems that Solana is finally joining the party as other notable altcoins ride the bullish wave this month.

This inflection point has spurred a new wave of investor interest in Solana, with a 96% explosion in trading volume to $3.4 billion over the past 24 hours.

Solana Price Breaks $160 Resistance: Is $200 Next?

With this push, Solana sets a strong precedent for a breakthrough of the cup and handle pattern forming since late 2021 as it aligns with the handle’s upper trendline, forming a symmetrical triangle pattern.

The cup and handle pattern favors a bullish continuation of Solana’s long-term price appreciation, representing a temporary pause in a prevailing uptrend.

Currently, Solana remains bound within the channel forming the handle, consolidating before its next move. This new triangle pattern suggests that this phase may be coming to a close as pressure builds toward a breakthrough.

Most notably, the MACD line has affirmed a crossover above the signal line over the past few days, a move which, in recent history, has led to a significant uptick in the Solana price.

Solana also remains firm in its strong footing, reaffirming the 50SMA as a solid support level to its recent uptrend.

Given that the Relative Strength Index (RSI) remains at a neutral 60 following today’s surge, it seems this growth is more sustained than volatile, not yet breaching overbought territory.

Therefore, there is a strong precedent for this momentum to persist in an approach of the upper resistance, with a breakout target around $173.50, though there could be a retest of the $160 level beforehand.

Upon a breakout, eyes will be set on the cup’s upper resistance at $205. However, the pattern sets a price target much higher, up to $400.

Furthermore, as October sees a surge in adoption, with increased liquidity and a new all-time high in active wallet addresses following a trough in September, fundamentals lend to further appreciation.

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