Breakout Point Is Not So Far Anymore In SOL Price

17 Eyl 2024

Zooming out to the daily time frame, it's evident that the declining trend line is just above the current SOL price. A breakout here could indicate a significant upward movement.

Since SOL and many other altcoins often follow Bitcoin's sentiment and actions, if Bitcoin can return to its previous local high of just over $65,000 and surpass it, the bull market could resume, and altcoins might start to rally.

The potential bull run targets for SOL before the end of the year are $160, $200, and $260. However, if SOL drops below $120, it could be at risk, likely due to a simultaneous decline in Bitcoin. Given Bitcoin's strong fundamentals and positive sentiment, optimism remains high.