Zooming out to the daily time frame, it's evident that the declining trend line is just above the current SOL price. A breakout here could indicate a significant upward movement.
Since SOL and many other altcoins often follow Bitcoin's sentiment and actions, if Bitcoin can return to its previous local high of just over $65,000 and surpass it, the bull market could resume, and altcoins might start to rally.
The potential bull run targets for SOL before the end of the year are $160, $200, and $260. However, if SOL drops below $120, it could be at risk, likely due to a simultaneous decline in Bitcoin. Given Bitcoin's strong fundamentals and positive sentiment, optimism remains high.
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