Solana refuses to fall – next stop $600?

Despite a temporary halt to the advances that the majority of assets in the cryptocurrency market have made earlier, Solana (SOL) continues to show impressive resilience as it once again defended a key long-term support area, setting the stage for a potential rally.

As it happens, Solana successfully held the critical horizontal zone around $165 – $170, confirming it as a strong support base, according to a chart analysis shared by popular crypto trading expert CryptoJelleNL in an X post on October 28.

Solana’s bullish cup pattern suggests breakout potential

Specifically, the chart shows SOL appearing to be completing a large cup pattern, which is a classic bullish continuation formation, with a breakout setup that could propel prices toward $600. 

For now, Solana is changing hands at the price of $202.26, recording an increase of 0.27% in the last 24 hours, making a more significant advance of 9.67% across the previous seven days, and accumulating a modest gain of 0.14% on its monthly chart, according to the most recent information.

Meanwhile, this target is even more optimistic than the bullish one shared by fellow crypto expert Lark Davis earlier in October, who predicted SOL either skyrocketing to $300 or dipping to $95, and the soaring whale interest has helped it move in the more positive direction.

All things considered, despite the broader crypto market’s mixed signals, Solana’s technical structure remains strong. Each dip has encountered heavy demand, reinforcing the idea that long-term holders are accumulating and short-term traders are being shaken out.

If momentum continues to build above the $200 mark, Solana may retest the $250 – $300 range before potentially advancing to CryptoJelleNL’s $600 target, which aligns with major Fibonacci extension levels and previous psychological resistance zones.

With a strong technical base, a growing ecosystem, consistent on-chain activity, and positive developments like the first spot SOL exchange-traded fund (ETF) launching on the New York Stock Exchange (NYSE), Solana looks poised for a “cracking end to the year,” as the crypto analyst put it.