- Solana breaks out of triangle pattern, targets $164 after reclaiming key support
- Analysts confirm bullish setup, but warn invalidation if SOL falls below $147
- Trading volume spikes as SOL nears $158, hinting at renewed upward momentum
Solana ($SOL) is once again stirring up excitement in the crypto world, as analysts believe a new rally could be underway. The token has broken through a key resistance level, and its technical setup suggests the potential for significant gains. With prices currently hovering around $157, bullish momentum is clearly building.
This comes after weeks of consolidation, and several respected analysts are highlighting the possibility of $SOL surging toward $164 in the near term. The recent market action has sparked conversations about whether Solana could be entering another meme-driven rally, much like the explosive runs witnessed earlier this year.
SOL Bullish Breakout: Chart Patterns Signal More Upside
Ali Martinez, a well-followed crypto analyst, noted that Solana has broken out of a symmetrical triangle. This is a bullish continuation pattern that often signals further upward movement.
According to his analysis, $SOL has now pushed past the 0.786 Fibonacci retracement level at $153.54. This zone previously acted as resistance but has now flipped into support. If Solana holds this level, the next price targets sit at $158.08 and potentially $164.06, marked by the 1.0 and 1.272 Fibonacci extensions.
This breakout is not occurring in isolation. It follows a strong base of consolidation around the $150 zone, which represents the 0.618 Fibonacci level. Such consolidation usually acts as a launchpad for further gains, especially when combined with strong trading volume and renewed buyer interest.
Analysts Signal Momentum But Set Clear Boundaries
Besides Martinez, other analysts like Crypto Patel and CryptoCurb are also bullish. Crypto Patel emphasizes that the breakout is confirmed, but the setup becomes invalid if $SOL dips below $147. This level acts as a crucial psychological and technical support zone. If Solana stays above it, the bullish trend remains intact.
CryptoCurb echoes a similar sentiment, pointing out that the breakout happened above $153 resistance on the 4-hour chart. This timeframe adds weight to the move, indicating short-term strength that could spill into the mid-term.
Related: Solana Surpasses Ethereum in Q2 Revenue: Can Ethereum Regain Momentum in Q3?
His upper targets lie in the $165–$170 range, showing consensus among analysts that Solana could still climb higher.
SOL Market Activity and Momentum
As of press time, Solana trades at $157.35, up over 3% in the past 24 hours.
Related: Solana Staking Enters Wall Street: First U.S. ETF SSK Launches With On-Chain Rewards
Its market cap stands at a healthy $84.24 billion, with a trading volume above $5.2 billion. This increased activity signals growing interest among traders.
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