Solana Price Eyes $260 As Top Analyst Says “Market is Poised” For Rally

Solana price could see an explosive move to the upside as top analyst predict that the crypto market is poised for a post-halving rally. This optimistic outlook comes amid broader market anticipation of Bitcoin re-testing $70,000 and potentially extending these gains to an all-time high.

In the last 24 hours, the SOL price has risen by 0.4%, even as the total cryptocurrency market cap dipped by 0.5%. Meanwhile, Bitcoin is trading at $67,825, marking a 1.3% increase, reinforcing cautious optimism as traders eye a potential breakout for Solana.

Can Solana Price Rally As Analysts Expect Post-Halving Action?

Macro Researcher Axel Adler Jr. shared his thoughts on X, noting that the market is poised for action post-halving. An analysis of Bitcoin price behavior following its four halving events shows that it experiences exponential growth after each halving due to reduced supply and heightened demand. 

Historical Halving Growth

• 1st Halving (2012): Bitcoin surged 9,000% in the bull run that followed, marking the transition of BTC from a niche asset to a widely recognized investment.
• 2nd Halving (2016): BTC experienced a 2,800% increase after this halving, reaching its then-peak near $20,000 by late 2017.
• 3rd Halving (2020): Bitcoin saw a 714% rally following the most recent halving, topping around $69,000 in late 2021.
• 4th Halving (April 2024): Historically, the price tends to surge after halving. Growth projections suggest a similar or slightly moderated percentage gain compared to past halving cycles.

Adler is convinced SOL could benefit from the overall positive market sentiment expected post-halving. Due to its high throughput and low transaction costs, Solana has positioned itself as a leading blockchain platform. The network’s ability to handle thousands of transactions per second makes it an attractive option for DeFi applications and NFTs.

SOL has only participated in one Bitcoin halving before (2020), and 36 days after the halving, SOL price began its ascent, rising 36,923% in 504 days. The Solana macro chart shows a pattern similar to the one that ignited the 2021 bull run and is forming and close to a breakout. 

If the SOL price breaks out of this pattern, Solana could surge much higher than its previous all-time high of $260.

SOL Price Analysis: Bullish Reversal Pattern Confirms Bull Run

The SOL price chart indicates a bullish reversal pattern known as the Inverse Head and Shoulders (H&S). The head formed in late September at around $125, and the two shoulders formed near $135 and $145.

This pattern signals that a new uptrend could start after a breakout above the neckline, which is near the $155-$160 range.

The price is currently testing the neckline of this pattern around $153-$160. A breakout above $160 with strong volume would confirm this pattern, likely pushing SOL to the next target levels.

Key Support and Resistance Levels

• $130 level: Aligns with the low of the head formation and provides a solid demand zone.
• $160 level: This is the neckline resistance. Once breached, it could trigger a rally toward the previous all-time high.

Solana price prediction shows the asset is about to break a long-term downward trendline. The breakout would confirm a bullish shift in the crypto market structure and trigger the beginning of the bull run expected to last through 2025.

Solana Positioned for Major Gains Post-Halving

Solana’s strong fundamentals, coupled with historical data from previous Bitcoin halving events, suggest that the asset is well-positioned for a significant breakout. With analysts predicting exponential market growth post-halving and Solana displaying bullish chart patterns, there is a strong potential for SOL to surpass its previous all-time high of $260. As the crypto market braces for post-halving action, Solana’s high-performance blockchain and its strategic role in DeFi and NFTs could drive it to new heights, making it one of the top assets to watch in the coming months.

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