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Key Takeaways:
- Solana has surged 34% to $190, breaking above long-term trendlines.
- SOL is outperforming Bitcoin, indicating growing market strength.
- Key resistance targets lie at $218.22, $294.05, and potentially $416.71 — but the uptrend depends on sustained momentum.
Solana (SOL) has made a remarkable comeback, jumping 34.30% to retest the $190 level for the first time since mid-February. This rally, coupled with strong technical indicators, has rekindled optimism that SOL could challenge its previous all-time high and possibly surpass it.
SOL Bulls Reclaim Momentum with Breakout
After months of sideways movement, Solana has broken out of a symmetrical triangle on the weekly chart. This technical breakout signals a potential end to its consolidation and the beginning of a sustained bullish phase.
Adding to the bullish case, the Moving Average Convergence Divergence (MACD) has flashed a bullish crossover, suggesting that momentum is shifting in favor of buyers. Moreover, SOL’s price now trades above its 20-week Exponential Moving Average (EMA), which often marks the beginning of a longer-term uptrend.
If the structure holds, SOL could break resistance at $224.25 and advance toward higher price levels — as long as support above $127.74 remains intact.
Solana Outshines Bitcoin in Relative Strength
In a significant development, Solana is outperforming Bitcoin. The SOL/BTC pair has broken out of a descending channel on the daily chart, signaling a trend reversal and increased market dominance.
The Awesome Oscillator (AO) confirms this momentum shift with higher highs, indicating strengthening bullish energy. If this relative strength continues, Solana may push past the $200 mark and possibly test its next resistance zones.
Bullish Indicators Point to $294 — or Even $416
Further technical evidence suggests that Solana’s price trajectory remains upward. The altcoin trades within an ascending channel, and the Bull Bear Power (BBP) indicator stays above zero — reinforcing the bullish setup.
Also Read: Mercurity Fintech Secures $200M to Build Solana Treasury
Notably, the Money Flow Index (MFI) has jumped to 83.44, showing aggressive buying activity. If this demand persists, SOL could break resistance at $218.22 and aim for $294.05, with a psychological target at $300. Sustained momentum might even carry Solana toward $416.71 in the coming weeks.
Solana’s bullish resurgence is backed by both technical breakouts and momentum indicators. However, the rally’s continuation hinges on maintaining support and market demand. A drop in volume or price rejection at resistance could push SOL back to $142.40, threatening the bullish structure.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
