Solana’s (SOL) price is nearing its all-time high. In a tweet, expert Crypto Yapper noted this development, highlighting a breakout from a weeklong consolidation.
The tweet, paired with a detailed chart analysis, paints a bullish picture for Solana as it navigates its upward trajectory. The weekly chart for Solana by Crypto Yapper showcases a multi-month ascending triangle pattern that has defined its price action since mid-2023.
Moreover, this formation features a rising trendline, representing higher lows around $140 and climbing, while a horizontal resistance line near $200 capped prior attempts at upward movement.
SOL recently broke through the $200 resistance zone, a move often associated with increased trading volume, indicating strong market participation. Following the breakout, the price surged past $240 and is now approaching the ATH of $259.20.
The analyst chart shows that clearing this key resistance could open doors to uncharted territory. The token could potentially target $300 or higher based on Fibonacci extensions.
What you'll learn 👉
Solana’s Key Price Levels in Focus
Solana’s price movements have established clear zones of support and resistance. The $200 level, once a resistance, now serves as a critical support line.
Additionally, the rising trendline provides a secondary layer of support near $180. On the resistance side, the $259.20 ATH remains the immediate hurdle.
If surpassed, Solana could enter price discovery mode, attracting heightened market attention. However, a rejection at this level may result in a retest of the $200 support or a pullback to the rising trendline.
Read also: Cardano (ADA) Price Could Rally to $6: Here’s Why
Historical Context and Current Trends
During the late 2021 bull market, Solana hit its ATH. After a protracted decline in 2022, SOL stabilized for more than a year before starting its current upward trend.
The continuous upward trend is shown by the regular creation of higher highs and lows.
Crypto Yapper’s tweet underscores the significance of the recent breakout, aligning with the chart’s ascending triangle pattern. The analyst’s bullish sentiment resonates with the community as SOL steadily climbs toward its ATH. At press time, SOL trades at $244.84, surging over the past day and week.
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