SOL price has broken out of a multi-month triangle | Credit: Hameem Sarwar
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Key Takeaways
Solana surged 34.3% to retest $190, breaking out of a symmetrical triangle on the weekly chart.
Ascending channel, strong BBP, and high MFI readings suggest that SOL buyers are in control.
If current momentum holds, Solana’s price could break through $218.22, with targets at $300.
After a 34.30% hike, the price of Solana (SOL) has retested to $190, the highest level in the past five months. The last time SOL reached that level was on Feb. 16.
While this rebound has brought reprieve for SOL holders, the altcoin appears ready to hit a new all-time high. However, hitting that level will depend on several factors, which CCN highlights in this analysis.
SOL Bulls in Control
On the weekly chart, Solana price has broken above the upper trendline of a symmetrical triangle, signaling a potential end to its extended consolidation phase.
This breakout is a strong bullish indicator, suggesting that SOL may be preparing for a sustained move higher.
Adding weight to this outlook, the Moving Average Convergence Divergence (MACD) has confirmed a bullish crossover — a key signal that momentum is shifting in favor of the bulls and that the period of sideways price action may be behind.
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Furthermore, SOL has climbed above the 20-week Exponential Moving Average (EMA), reinforcing the bullish structure. This crossover above a long-term moving average marks the beginning of a new upward trend in price.
Solana’s price could challenge and break above the $224.25 resistance if this technical structure remains intact. However, the altcoin must maintain support above $127.74 for this breakout to hold and extend.
The SOL/BTC pair further strengthens Solana’s bullish case. On the daily chart, the pair has broken out of a descending channel, indicating the end of a downtrend and the beginning of a new bullish phase.
The breakout above the upper trendline of this channel confirms a trend reversal in SOL’s performance relative to Bitcoin, a sign that Solana is regaining market dominance.
The Awesome Oscillator (AO) has also printed higher highs, reflecting growing bullish momentum behind the altcoin.
If this structure holds, Solana’s price could surge past the $200 level, aligning with the broader uptrend seen on its USD chart.
SOL Price Prediction: Higher
In addition to this thesis, CCN observes that Solana’s price trades within an ascending channel. The Bull Bear Power (BBP) indicator continues to hold above the zero line alongside the breakout.
In addition, the Money Flow Index (MFI) has surged to 83.44, indicating intense buying pressure. If this momentum persists, SOL could break above the immediate resistance at $218.22.
Should this breakout succeed, the next leg up could see Solana’s market value climb to $294.05, setting the stage for a psychological push toward the $300 mark. Beyond that, continued strength might fuel a rally toward $416.71.
SOL/USD Daily Chart | Credit: TradingView
However, if demand begins to fade and buyers lose momentum, this bullish scenario might not happen.
In that case, SOL’s price could retrace toward $142.40, where the lower bound of the ascending channel converged.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
