Why Solana (SOL) is set to rally 60%

Although Solana ( SOL ) is facing increased selling pressure in line with broader cryptocurrency market sentiment, technical indicators suggest the asset may be preparing for a notable rally. Specifically, prominent online analyst TradingShot has observed that Solana has been trading within a rising channel since June, which forms part of a broader Fibonacci channel that began in early ￰0￱ a TradingView post on September 22, the analyst noted that after gaining more than 63% in its last bullish leg, SOL is now undergoing a pullback, mirroring a previous move where prices retraced to the 50-day moving average ( MA ) and the 0.5 Fibonacci retracement level before resuming their upward ￰1￱ price analysis chart.) of $202.30 and its 200-day SMA of $165.93.

This alignment signals a strong bullish structure, with the price comfortably holding above key support levels that often define medium- and long-term trends. Meanwhile, the 14-day RSI at 59.77 sits just below the overbought threshold, indicating positive momentum without being ￰2￱ suggests further upside potential remains before the asset risks hitting overextended ￰3￱ image via Shutterstock