Crypto analyst Spartan Trader has highlighted the multiple opportunities that Solana presents for investors. This came as SOL attempts to break above $200, a level which crypto analyst Ali Martinez has suggested could spark a massive run.
Solana Is Flashing Multiple Opportunities
In a TradingView post, Spartan Trader declared that Solana is presenting multiple opportunities on the horizon. For the first context, he stated that the support was at $125.50, while resistance was at $185. The psychological levels are $150 and $190. For the second context, he highlighted a technical structure that is forming for SOL.
The analyst claimed that Solana is in a bearish wedge that has formed the beginning of a bearish channel that has tested support three times and tested resistance four times. He alluded to the Fair Value Gap (FVG), with there being one bearish 4-hour FVG located above SOL’s price and three bullish 4-hour FVG located below the price.
Furthermore, he stated that the Golden Pocket sits right below the 4-hour FVG, aligning with the $190 psychological level. Spartan Trader described this as a strong confluence. For the third context, the analyst provided insights into Solana’s volume. He stated that the volume indicator shows a spike in volume from the psychological $150 level and $155. The analyst noted that this aligns with the POC and a Rejection Block located right above the 0.65 Fibonacci level.
For the bullish scenario, Spartan Trader said that with multiple confluences at the $150 level, the Solana price could sweep the previous low as it bounces off the lower anchored VWAP. He added that this will lead to the completion of a Cup and Handle formation, producing enough momentum for a breakout of the Bearish Wedge.
For the bearish scenario, the crypto analyst stated that above the $200 psychological level, there remains a Rejection Block for Solana. He added that sweeping this area may lead to enough liquidation to push the altcoin back within the Bearish Wedge and allow for a breakout towards the POC.
SOL Could Rally To New ATH If This Happens
In an X post, crypto analyst Ali Martinez said that once Solana breaks above $189, there is little resistance as it makes its way towards new all-time highs (ATHs). The current ATH is $294, which it reached earlier in the year. Meanwhile, Martinez also raised the possibility of SOL reaching as high as $1,000.
The crypto analyst claimed that Solana is targeting $1,315 after it broke out of a textbook Cup and Handle pattern. However, he failed to mention a timeline for when the altcoin could reach this target. Fundamentals such as the imminent spot Solana ETFs provide a bullish outlook for SOL.
At the time of writing, the Solana price is trading at around $185, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
