Solana (SOL) established a new support base in January that could set the stage for a significant upside ahead after a mixed overall crypto market performance in 2024. Following a bull flag breakout on its 4-hour chart, Solana seems poised for a major rally if it can close decisively above $106.
According to analyst Ali Martinez, that threshold break could trigger a substantial 47% SOL price surge. Martinez notes that reclaiming the $150 to $165 zone SOL reached last summer is now in sight after the cryptocurrency built up steam above its former resistance.
tick-tock ⏱️ https://t.co/HdZ8lf8IPf
— Ali (@ali_charts) January 16, 2024
With SOL rallying over 40% in the past month to over $100, Martinez suggests a barrage of buying pressure could push Solana back toward its all-time high.
Can Solana hit $200?
Other experts concur that the signs are pointing up for Solana in the short and long term. After establishing a new base of support at the psychologically important $100 level through most of January, Solana appears ready for lift-off.
Cryptocurrency analyst Jelle echoed this perspective on January 17, highlighting the upcoming potential for Solana to break out in February. Fundamentally, Solana also demonstrated impressive traction, as blockchain data provider Nansen reported that SOL saw a staggering 98% month-over-month growth in active addresses in December.
Another rejection, but it looks like $SOL will break out soon.
February should be a good month. pic.twitter.com/FAs7p5rubO
— Jelle (@CryptoJelleNL) January 17, 2024
With strong user adoption metrics and positive technical indicators, Solana displays key traits analysts look for when forecasting further upside. As of press time, Solana trades around $100.14, up over 4% in the past 24 hours.
Analyzing critical technical levels, all signs point to additional strength ahead. Both moving averages and oscillators are flashing ‘buy’ signals. Furthermore, 17 total technical indicators register a ‘strong buy’ recommendation for Solana’s current price action.
With that backing, SOL appears well-positioned to push toward its next test at $150. If bulls can propel SOL past that tier, momentum could snowball rapidly.
And with Bitcoin and Ethereum recovering to start 2024 as well, analysts watch to see if SOL’s impressive performance converts to a new rally leg toward its $200+ all-time high. For SOL investors, the outlook for February and beyond seems bright.
