Is Solana (SOL) ready for a bull run to its all-time high with an impending breakout event for 2025?
As Bitcoin has recovered significantly in the last 24 hours, the altcoin segment is gaining momentum. Amid improving conditions for altcoins, Solana’s market price has increased by 2.17% in the last 24 hours.
Despite negative returns in the last 7 and 13 days, Solana maintains a market cap of $94 billion. As Solana slides below BNB coin to take the sixth-largest cryptocurrency spot, it approaches the psychological $200 mark, signaling the potential for a new breakout rally.
SOL price analysis
On the 4-hour chart, Solana price trend shows a bearish influence. However, the underlying support points to several technical signals that point to a possible reversal rally.
For example, it shows a descending widening wedge pattern, which is usually considered bullish and increases the likelihood of a breakout.
The price action within the pattern suggests a bullish reversal from the support trend line. Furthermore, the reversal forms an Adam and Eve pattern with a neckline near the $198 level.
Just below the psychological level of $200, a break above the neck line could trigger an explosive parabolic rally. Additionally, the recovery has crossed the 50-EMA line and the 23.6% Fibonacci level at $196.36.
During the recovery, the 4-hour RSI remained above the 50 percent level, indicating increased buying pressure. Additionally, sustained support above the 50-EMA line on the 4-hour chart increases the chances of an uptrend continuation.
As a result, technical indicators are starting to signal a buying opportunity for…
