SOL breaks descending triangle | Credit: Derek Fenech
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Key Takeaways
After dipping below $195, SOL has bounced to $209, breaking out of a descending triangle.
Solana’s monthly trading volume has surged to nearly $220B, surpassing August’s peak.
SOL’s price could climb above $226, but failure to sustain support risks a pullback.
Solana (SOL) is back in the spotlight. After a sell-off that saw it drop below $195 last Friday, Solana’s price has powered above $200, flashing signs that its bullish trend is back on track.
As of this writing, SOL trades at $209.08. Unlike in past instances where this zone acted as a ceiling, this time it may not serve as resistance.
Instead, the current level could become a springboard for further gains, potentially driving Solana’s market value even higher in the days ahead.
Solana Reverses Trend
On the 4-hour chart, Solana had been trading inside a descending triangle, a pattern that usually favors sellers. But today, with the horizontal support holding firm, SOL broke out above the triangle’s upper trendline.
This rise above the resistance line indicates rising strength for the altcoin.
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Adding to this momentum, the Chaikin Money Flow (CMF) has surged to 0.35, showing that capital inflows are accelerating as buyers gain control. Should this trend remain the same, Solana’s price might climb toward the upper level resistance at $222.75.
Beyond that, the Supertrend indicator has flipped bullish. Unlike in recent weeks, the green line is now positioned below Solana’s price, reinforcing the breakout and signaling that the trend has shifted in favor of buyers.
If this momentum continues, the expanding liquidity could fuel further upside, giving SOL’s price the firepower to not only defend its recent breakout but also push toward new highs in the weeks ahead.
At the same time, the current price is testing the 20-period Exponential Moving Average (EMA), a level that acts as a short-term pivot for momentum.
If SOL can flip this EMA into support, it could strengthen the bullish case and open the door for further gains. Once that happens, the next target for SOL’s price could be $226.40.
If successful, this could be the stepping stone for a rise in the direction of $253.65. Solana’s price could hit a new all-time high in a highly bullish market by hitting $332.36.
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.
