Now that the US Federal Reserve has made its expected rate cut on Wednesday, the altcoins are jockeying for position in order to take advantage of a potential surge in crypto. $SOL is one of the top altcoins, as well as being a leading performer. Can $SOL bulls break resistance and send the price up to the all-time high?
$SOL just under last horizontal resistances
Source: TradingView
The short-term chart for $SOL shows that the price is just below the first resistance at $247. Just above this is the main resistance at $252, and then there is one final token resistance at $260 before the all-time high at $295.
The chart reveals that the $SOL price previously broke out of a wedge pattern. The measured move for this breakout has still not been met, and is above the resistance levels at $266.
Fibonacci suggests $252 is the critical resistance level
Source: TradingView
In the daily time frame if one drags the Fibonacci extension levels from the all-time high down to the local low at $95, it can be seen that the 0.786 Fibonacci lines up perfectly with the $252 horizontal resistance level.
$SOL bull market target levels
Source: TradingView
Finally, if one zooms out into the very high time frame of the monthly, it can be seen that the actual candle body resistance is at $238, and the $SOL price has already passed this horizontal level. If this monthly candle closes above this level, $SOL could be on its way to the Fibonacci targets on the chart of $415 and then $667.
