Solana reclaims $185 with a 92% surge and rising futures activity. Can the SOL price reach $261 as the falling wedge breakout gains traction?As the total crypto market cap (excluding Bitcoin) reaches $1.26 trillion, altcoins are gaining momentum. One of the top performers is Solana, currently trading at $183 after an overnight surge of 5.48%.At present, Solana is facing resistance near a critical supply zone around the $185 mark. However, growing momentum suggests the possibility of a breakout rally toward the $261 resistance level. Could Solana post an additional 42% gain with a breakout above this key level?Solana Price Analysis Targets $261On the daily chart, Solanas bullish reversal has reclaimed the $185 level, last seen on February 17. In 2025, Solana bottomed out at $95.16 and has since surged by 92% over the past 37 days. This sharp trend reversal confirms a falling wedge breakout in the SOL price trend. Solana Price ChartThe bullish rally has pushed the price above the 200-day EMA at $162 and the 50% Fibonacci retracement level at $165. This has strengthened bullish momentum, leading to a positive crossover of the 50- and 100-day EMA lines. Additionally, the daily RSI is fluctuating in the overbought region, signaling strong underlying bullish sentiment.Currently, Solana has surpassed the critical $175 zone and is testing the 61.8% Fibonacci level at $184.52. If SOL can break above this overhead resistance, the falling wedge breakout rally may challenge the previous peak near the $261 mark. This indicates a potential upside of 42% as buying pressure continues to build.On the downside, the 200-day EMA remains a crucial support level at $162, followed by the 50% Fibonacci level near the 38.2% retracement zone at $150.Solana Bulls Dominate the SOL Futures MarketAs Solana approaches a key breakout level, optimism in Solana futures is rising. According to data from CoinGlass, Solana futures open interest stands at $7.49 billion, marking a 12.10% increase in the past 24 hours. In line with the bullish trend, short liquidations have jumped to $14.76 million during the same period, reflecting increased bullish activity in the Solana futures market.SOL Futures Open InterestAdditionally, CoinGlass data shows a sharp increase in long positions, with longs accounting for 53.61% of taker volume. This has pushed the long-to-short ratio to 1.1556, underscoring bullish dominance in the Solana derivatives market.CoinglassAs the broader market continues to gain momentum, the rising optimism among Solana derivatives traders points to a potential leverage-driven rally beyond the $185 resistance. This breakout could pave the way for an extended recovery, with SOL prices aiming for the $261 milestone.
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