Solana Appears to Be ‘Breaking Out From a Descending Parallel Channel’, Analyst Eyes $113 if It Can Hold This Level

Solana appears to be finally showing signs of life after an extended period of rangebound consolidation and selling pressure. According to trader Ali, SOL looks to be “breaking out from a descending parallel channel”:

“If $SOL can hold above $94, it has a great chance of advancing toward $113!”

Ali’s bullish outlook aligns with analysis from altFINS highlighting a bullish channel-down breakout underway. SOL moving decisively above the upper channel boundary signals upside continuation may resume after necessary consolidation.

Moreover, reclaiming $94 solidifies bullish control and opens the door for testing the next resistance zone around $100. Not only is this a psychological barrier, but clearing it would confirm the bullish breakout with measured move upside potential towards $125, which lines up with Ali’s $113 target.

However, traders must see if SOL can sustain momentum after the breakout. Previous rallies fizzled out quickly during 2022’s brutal bear market. SOL remains prone to sharp reversals and needs to establish support on any retests of $94.

Source: altFINS – Start using it today

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In addition, while the MACD metric shows bearish alignment still, its histogram bars rising reflects early signs of improving bullish momentum. This could foreshadow an MACD crossover and further buying impetus.

Overall, Solana appears well-positioned for additional upside after its descending channel breakout. Both the short-term technical posture and improving momentum suggest bulls can seize near-term control with targets around the $113–125 zone. But SOL’s history of volatility means traders must manage risk accordingly in case the rally falters.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency