Solana has broken free from a bearish pattern, which, if the token had continued, might have broken down and crashed the prices at the completion of the pattern. A crypto netizen expects the SOL, aka the ‘Ethereum killer,’ to hit a new all-time high–$325.
Solana has been in the spotlight and has appeared on CoinMarketCap’s trending list on and off. The altcoins are starting to feel the bullish momentum of the Altcoin Season Index (ASI), which gauges the crypto season aligning towards the altcoin season.
SOL rejected at $240
On the daily chart, Solana has printed a large green candlestick after being supported at the $237 support level. The Ethereum killer reached this support level after being rejected at the $240 resistance level for the second time today. At the time of publication, SOL has lost 0.92% in the last 24 hours, while its trading volume has dropped by almost 35% to $5.71 billion.
On the daily chart, Solana was trading inside a bearish rising wedge, which, if completed, would crash the prices. However, the bulls came to SOL’s rescue when it was testing the upper trendline and did not let the token fall back into the wedge. The bulls mustered through the upper trendline, dismantling the bearish pattern.
Crypto analyst who goes by the pseudonym Rekt Capital, saw the same breakout referred to above from a different perspective. Rekt saw Solana breaking a macro downtrend on the monthly and weekly charts. With Solana retesting the resistance near $237-$238, Rekt thinks that this retest is important for SOL to print a new all-time high.
What could be Solana’s new all-time high?
On the monthly chart, SOL has just broken out from a bull flag and is heading further higher. Given that Solana follows a conventional breakout, where the price rises by the height of the flagpole after breakout, the token could reach $325.
