Solana's native token SOL has reached its highest level in nine months, trading near $120 after a 16% weekly rally. The token had dropped below $100 in mid-September before the recent recovery, which analysts attribute partly to broader cryptocurrency market strength, including Bitcoin's brief move to $87,000.
Multiple technical analysts have identified bullish formations on SOL's price chart. Trader Peter Brandt spotted what he described as a textbook cup-and-handle pattern. Ali Martinez earlier flagged a bull flag formation on the 4-hour chart and identified $105 as a key support level, with sustained closes above it potentially confirming a breakout toward $130.
Analyst Ash Crypto highlighted several positive technical indicators, noting that SOL has reclaimed its weekly 200-day moving average, reached $120 for the first time in eight months, and formed a weekly golden cross—a technical signal that can indicate bullish momentum.
Some analysts have extended their price targets significantly higher. One analyst, Gerla, set a target of $500, though cautioned on timing. Another X user predicted SOL could reach $450 amid what they characterized as an altcoin breakout.
The timing of the rally coincides with Glassnode's Altcoin Cycle Signal flipping from Bitcoin season to altcoin season. However, analysts noted that the crypto sector faced headwinds this week, including regulatory setbacks, rising U.S. interest rates, and geopolitical tensions, suggesting caution about declaring a sustained bull market.
