Solana’s native token, which plunged below $100 in mid-September, now trades near $120 after a solid 16% weekly pump. Of course, the main catalyst for that move is the broader market resurgence, with Bitcoin (BTC) briefly soaring to $87,000.
The big question now is whether SOL is gearing up for a further ascent or a short-term correction, and most analysts support the bullish scenario.
New ATH Incoming?
Earlier this month, Ali Martinez spotted a bull flag forming on SOL’s 4-hour chart and said he will watch the $105 level closely. The analyst assumed that a sustained close above (as it has happened) could confirm the bullish breakout and set the stage for a rally toward $130.
Many other analysts have also weighed in on the matter following the latest pump. X user Ash Crypto argued that SOL has one of the most bullish setups among altcoins right now. The market observer said the asset has reclaimed the weekly MA200, hit $120 for the first time in eight months, and formed a weekly golden cross, suggesting the bottom is already behind us.
Veteran trader Peter Brandt also chipped in, pointing to what he believes is a textbook cup-and-handle pattern on Solana’s chart. X user FOUR | Crypto Spaces shared the same thesis, saying:
“This is not a random pump setup. Chart is cooking like a massive cup & handle. Now we wait for the neckline because no breakout = patience. Breakout = things get very stupid. I will enter only on confirmation on retest.”
For his part, Gerla said SOL has entered the phase he has been waiting for. The analyst believes that expansion is now happening at a fast pace, setting $500 as a target.
“The only question is how long it takes to get there,” he concluded.
Overall Altcoin Season?
X user Cup, who has been quite bullish on several cryptocurrencies over the past few months, claimed that “the altcoin breakout is here” and predicted that SOL could explode to $450 amid such positive enviroinment.
As CryptoPotato recently reported, Glassnode’s Altcoin Cycle Signal flipped from Bitcoin season to altcoin season this week, thus strengthening the analyst’s prediction.
It is worth noting that the market rally came after a particularly challenging week, marked by the CLARITY Act setback, rising interest rates in the US, and escalating geopolitical tensions. Meanwhile, the crypto sector has spent much of the past several months in an evident bearish trend, suggesting it may still be too early to declare the start of a full-blown bull run or altcoin season.
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