Solana (SOL) has broken out of a key technical formation, suggesting an imminent rally to $164 as multiple analysts point to strengthening market fundamentals. The altcoin’s recent price action comes amid broader recovery signals in the crypto market, with SOL showing particular resilience after bouncing from local support levels.
Technical Breakout Sets Stage for SOL Recovery
After experiencing an 11% correction last week that pushed prices below $160, SOL has staged an impressive comeback, surging 2.45% over the past seven days. The recovery gained momentum after prices found strong support at $140, leading to the formation of a bullish ascending triangle pattern that crypto analyst Ali Martinez suggests could propel prices 6% higher.
The breakout from this triangle formation occurred on Monday as SOL reclaimed the critical $155 level, setting up a potential move to $164. This price target represents a key resistance zone that hasn’t been tested in the past two weeks.
Multiple Price Targets Paint Bullish Picture
Beyond the immediate $164 target, analysts have identified several key resistance levels that could come into play. Crypto trader CW notes that a breakthrough above $160 could trigger rapid momentum toward $180, while market watcher Jeremy sees potential for SOL to reach $300 in the coming months, provided global market conditions remain stable.
This bullish outlook aligns with recent institutional developments, including the Solana ETF listing on Nasdaq that sparked a $46M layer-2 investment rush, highlighting growing institutional interest in the ecosystem.
Technical Patterns Support Upward Trajectory
Adding weight to the bullish case, crypto trader Coinvo has identified a potentially significant megaphone pattern that’s been developing over the past 18 months. The pattern suggests SOL could be preparing for a major move toward previous all-time highs, with the fourth wave recently bouncing from the formation’s lower boundary during April’s pullback.
Key Support and Resistance Levels to Watch
- Immediate Resistance: $164
- Secondary Resistance: $180
- Major Resistance: $200
- Current Support: $150
- Critical Support: $142
- Emergency Support: $135
FAQ Section
Q: What is the immediate price target for Solana?
A: The immediate target is $164, based on the ascending triangle breakout pattern.
Q: What could prevent SOL from reaching these targets?
A: Global market instability, increased selling pressure above $160, or broader crypto market corrections could impede the projected rally.
Q: What’s the significance of the $180 level?
A: $180 represents a major resistance level that SOL hasn’t been able to break despite reaching $187 in recent rallies.
As of this writing, Solana trades at $156, showing a 1.88% increase over the past 24 hours. The recent technical breakout, combined with strong fundamental factors and institutional interest, suggests SOL could be positioning for significant upside potential in the coming weeks.