For the first time since November 2021, Solana (SOL) price has once again tested the $220 level. This has fueled further speculation that the altcoin may stabilize towards new all-time highs.
In particular, SOL charts on different time frames. Support this approach Here is a detailed overview of the key indicators supporting this prediction.
On November 13, the altcoin’s price rose back to $200. However, Solana’s big breakout to $220 in the past 24 hours was the result of Robinhood’s decision to re-list the token.
After the latest development, Solana broke out of the bull flag on the weekly chart. The bull flag has a double bullish pattern. with a short erection period In the meantime The pattern begins with a steep price spiral. (“flag column”) because buyers outperform sellers This is followed by a pullback that creates parallel upper and lower trend lines, which creates a “flag”…
As seen below, SOL broke out of the bull flag and briefly touched the $220 level. Before dropping to $217.52 recently, if the technical pattern remains the same, Solana may rise above the all-time high of $260, with a medium-term target of possibly reaching $320.83…
Meanwhile When looking at the daily chart again It indicates that Solana’s outage is likely to continue. The Parabolic Stop and Reverse (SAR) indicator indicates this.
The parabolic SAR indicator helps traders identify trend direction and potential price reversals. When the indicator determines the point above or below the price This indicates a downtrend. However, in this case, the value was below the SOL value, indicating the continuation of the uptrend.
In the past, when this happened, the price of Solana increased, for example, as shown below. Altcoins always record double-digit gains when this happens, so if history repeats itself, SOL could climb back to $260 within days.
If certified It may accelerate the rise to $320.83 as discussed above. On the other hand, if the dotted line of the parabolic SAR increases above the value of SOL, this prediction may be invalidated. In that situation The price can be less than $200.