
NEW DELHI (CoinChapter.com) — Solana’s SOL token’s prices might be headed for a 110% spike from current prices, asserts Twitter-based trader Bluntz.
The trader pointed out that bullish technical signals on the SOL/USD and SOL/BTC pairs indicate an impending upside rally for the Solana token. On the SOL/USD charts, Bluntz highlighted that the Solana token formed a morning star pattern on its monthly charts.

In detail, a tall bearish (red) candle, followed by a smaller bullish (green) or bearish candle with a short body and long wicks, and a third tall bullish candle form a morning star pattern. The middle candle represents market indecision, while the third confirms trend reversal in favor of bulls.
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Additionally, on the SOL/BTC chart, Solana prices have formed “a clear ABC” pattern, Bluntz added. An ABC pattern is a price pattern that consists of three consecutive price swings that help traders determine the enter and exit positions of a trade.

The ABC pattern sets SOL’s price target to 0.0061921, or $285 at current prices, a 112% boost from current price levels. As a result of these bullish cues, investor confidence might increase, helping the Solana token rise.
Solana Price Charts
Meanwhile, Solana prices have risen by nearly 85% in the past four weeks going from a weekly low of $78 (Mar 13) to a weekly high of $144 (Apr 2). However, SOL’s upside movement attracted bears’ attention, with long upper wicks indicating an aggressive sell-off.
In addition, Solana’s 20-day moving average (red wave) is moving up and would likely move above its 100-day MA (purple wave) to form a bullish technical pattern called the golden cross. The pattern forms when a short-term MA line crosses above a relatively long-term one.
Bulls could take cues from the golden cross to continue pushing the trend upward. SOL would likely flip immediate resistance near $142 before moving to target resistance from its 200-day MA (green wave) near $150.

If SOL breaks above its 200-day MA resistance, the Solana token would likely challenge $167 before corrections pare gains.
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Solana’s relative strength index is currently overbought, clocking 74.68 on the daily charts. Traders often consider an overbought RSI a prelude to an upcoming trend reversal in bears’ favor. As such, overbought RSI levels often trigger sell-offs.
An overbought RSI-inspired sell-off could see SOL fall to $129. If immediate support fails, the Solana token would likely fall to support from its 100-day MA (purple wave) near $117. Finally, SOL has support from its 20-day MA (red wave) near $105.
At the time of writing, SOL was trading at $132, down 3.6% on the day.