Solana Eyes $178 Breakout as Bullish Triangle and Trendline Support Signal Major Rally
- Solana has recently surpassed critical resistance levels, reinforcing its overall bullish trend and strong market momentum movement
- The formation of an ascending triangle pattern is signaling potential for continued upward momentum.
- SOL remains firmly above its long-term ascending trendline, which has provided consistent support.
- A successful breakout above key resistance levels could unlock significant price movement.
Solana (SOL) continues to rise after breaking through a major resistance level and indicating strength within its existing uptrend. A formation of an ascending triangle pattern, which tends to be a positive indicator, reinforces the positive outlook. Traders and long-term investors are both watching intently in hopes of the potential for a long-term rally. If the positive momentum holds, it may represent the beginning of a major long-term opportunity.
At the time of writing, SOL is trading at $142.62 with a $2.29B trading volume within the last 24 hours and a market capitalization of $73.9B. The price of SOL within the last 24 hours and last week has been hit by market volatility but has risen considerably within the last month by nearly 20%.
Source: CoinMarketCap
Solana Targets $178+ as Support Fuels Potential Rally
Solana (SOL) appears to be getting stronger after breaking the recent downtrend, a top crypto analyst says. The asset holds above the key $120$130 support level that may act as a springboard for a bigger upswing should it continue.
The analyst highlighted that maintaining this support opens the door for a move toward the $178+ level, a key resistance zone from earlier in the year. Traders are advised to keep a close watch on the $155 mark, considered a pivotal breakout level. A strong push above this line could trigger accelerated upside momentum. A purple box region on the chart, signaling historical price interest, is also in focus, aligning with the mid-$150 zone.
Source: X
Moreover, another analyst highlighted that Solana (SOL) continues to trade above a crucial demand zone, perfectly aligned with a multi-year ascending trendline that has held firm since 2020. This technical support has reliably served as a launching pad for the upswings, supporting SOLs overall uptrend even when the market trends decline.
Experts attribute the trendlines continued support to strong investor confidence and sustained momentum. The primary challenge lies in the $180$200 resistance level, a barrier that has persistently repelled breakouts in the past few months.
Source: X
A close above this region should clear the way for a major rally that should lay the groundwork for a new bull run. In the meantime, the market structure holds strong as long as the trendline support continues to function.
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Text source: TronWeekly
