- Solana is showing strong bullish signals with a potential 4x surge, fueled by a rounding bottom breakout pattern and over $381 million in SOL withdrawn from exchanges.
- Veteran analyst Peter Brandt and tightening technical indicators suggest a major move could be imminent if SOL breaks key resistance levels around $183.
Solana (SOL) is igniting bullish fervor across the crypto market, with technical signals and on-chain data aligning to hint at a major breakout. According to veteran market analyst Peter Brandt, a significant rally may be on the horizon, one that could potentially catapult SOL’s value by 4x in the near future.
Brandt, a respected chart trader since 1975, recently engaged his followers on X to decide between Solana and XRP for a hypothetical $100,000 investment, further signaling institutional-level interest in these top altcoins.
Currently trading around $177, Solana has already gained 20% this month after rebounding 18% in April. This recovery has formed a textbook “rounding bottom” pattern, a classic bullish setup that often precedes a strong upward trend.
The neckline of this pattern sits near $183, a critical resistance level that aligns with the 50% Fibonacci retracement level from its recent $261-to-$105 downtrend. A daily close above this zone could act as a catalyst for Solana’s next bull run, with upside targets stretching to $257 and even $262, the 78.6% Fibonacci level.
Supporting this bullish outlook, Solana’s 50-day and 100-day exponential moving averages (EMAs) have formed a positive crossover. While the Relative Strength Index (RSI) hovers near a neutral 60, it still shows room for growth, and the MACD indicator hints at an incoming bullish crossover.
Zooming out to the weekly chart, analysts are also watching a potential cup-and-handle formation with a neckline at Solana’s all-time high of $295. Should this breakout occur, the target price would be approximately $518, more than 4x from current levels, making it one of the most anticipated technical moves in the altcoin space.
Beyond the charts, on-chain data further strengthens the bullish narrative. Over $381 million worth of SOL has been withdrawn from centralized exchanges in just the past 10 days. This significant outflow suggests growing accumulation among long-term holders and possibly institutions, reducing circulating supply and heightening the chances of a price squeeze.
Additionally, tightening Bollinger Bands on the daily chart indicate a volatility expansion is imminent. Traders are eyeing breakout levels at $178, $180, and $188, any of which could signal the start of Solana’s next explosive move.
Despite being down over 7% year-to-date, Solana has surged more than 25% in the past 90 days, outperforming XRP’s modest 1.46% growth. If the stars align with both technical and on-chain factors, SOL may be poised to reclaim and exceed its former highs, reaffirming its position as a powerhouse in the Layer-1 blockchain race.
Meanwhile, at the time of writing, SOL is swapping hands with $177.08 after a 3.14% surge in the past 24 hours.
The post Solana on Fire: Analyst Predicts 4x Surge While $381M in SOL Vanishes from Exchanges appeared first on ETHNews.
