- Solana rose 31% within the last month, trading around $187 after having pierced the important $180 resistance.
- Bull flag breakout targets a 66.12% rally from $188 to nearly $295, with strong volume.
- A breach of $206 resistance may stimulate a sharp rally to $280$300 and a new all-time high mark.
Solana (SOL) is showing strong momentum after breaching a major resistance at $180 last Friday. The current price is consolidating at around $190, trading at $192.72. The breakout is paving the way for further advances with near-term resistance at $192 and $205 under focus.
Source: CoinMarketCap Cryptocurrency has risen 34% in the last month, which has strengthened investor confidence. With a $100 billion market cap, SOL has emerged as a top performer in this ongoing altcoin rally. After weeks of consolidation, this sharp price spike is indicative of a larger breakout to come.
SOL just confirmed a classic breakout of a bull flag pattern. Chart interpretation by Christiaan Defi predicts a 66.12% rally, from $188 to nearly $295. The 4-hour chart shows a current higher low formation with increasing volume to validate breakout strength.
The upward move is reinforced by SOLs price closing above key moving averages. Such technical strength aligns with the broader macro trend, supporting bullish projections. Analysts believe such a breakout follows past trends, with previous cycle highs being used to dictate later targets of resistance.
SatoshiFlipper indicates that this recent rally began with a breakout of a declining wedge back in mid-April. The breakout created a bullish flag that formed as a result. The price action has since re-taken $165 and $185, thereby supporting upbeat sentiment and affirming the current bullish formation.
He mentioned the past significance of the $280 level, one of the 20212022 bull trends chief barriers. On further appreciation, that resistance level becomes a likely magnet for destinations by his technical prediction as he ties with targets within $280 and $294.
Source: X Also Read: Solana (SOL) Price Breakout Above $200 Targets $260 in Bullish Crypto Market
Suzzy Defi pointed to the significance of the $187.6 bounce and the trendline of June. On her 4-hour chart, she shows solid short-term performance with the next significant resistance at $206. A breakout above that level could catalyze a quick rally to $280$300.
Source: X Analysts are unanimous that further volume and bullish structure set up SOL for a significant breakout. With price, sentiment, and technicals all confirming, Solana appears well on its way to retesting its prior cycle highs and potentially making a new all-time high above $300.
Also Read: Solana (SOL) Poised for a Bullish Surge: Is $260 the Key to a Breakout?
