Solana is attracting strong attention as the altcoin market enters an acceleration phase and Bitcoin's dominance is declining. SOL is currently testing the crucial resistance zone around the $190 mark after breaking key technical patterns – a signal that a new bullish wave may be forming.
🔍 Technical Breakout – Opening the Door for 2021 Highs
Recently, Solana has surpassed the key resistance zone from $175 to $186, setting the stage to target the 2021 high levels around $260. This represents a potential increase of 38% from the current price, a significant figure in the current heated market conditions.
On the daily technical chart, SOL has completed an ascending triangle pattern, with the breakout zone at $185–$190. This pattern generally signals a strong bullish move when broken upward, especially when confirmed by trading volume.
📈 Strong Support – Clear Upward Trend
Currently, Solana is firmly maintaining its long-term upward trend and is holding strong at the robust support level of $160. The moving EMA lines continue to support the upward trend, indicating stable demand and strong capital flow moving towards Solana.
Analyzing the 2-day chart and monthly momentum indicators shows that the recent 15% increase is part of a much stronger acceleration phase – possibly the beginning of a "super bull cycle" for SOL.
🧠 Not Speculation – It's Institutional Money
Unlike previous bullish waves primarily driven by retail investors, this time, financial institutions are the main driving force behind Solana's surge. Volume analysis indicates that large buy orders are coming from institutional wallets, not from retail speculators.
🌀 Rounded Bottom Pattern – Preparing for Strong Growth Phase
The 2-day chart also confirms the completion of a large rounded bottom pattern lasting for several months. After the decline from the $270 peak to the $100–$110 range, SOL has accumulated and formed a bottom through a series of higher highs.
The right shoulder of the pattern completes as SOL breaks through the resistance level of $180, marking a clear shift from the accumulation phase to growth.
Theoretically, rounded bottom patterns can provide a price target equal to the depth of the pattern plus the breakout point. With the previous drop from $270 to $110 (depth of $160), the price target in the next measurement phase could reach $350–$370.
🚀 Long-Term Target – Breakthrough Historic Highs
On the monthly chart, Solana is approaching the old high level of around $265. This is the final important resistance level before the market may witness new historical highs. If this zone is successfully breached, SOL could enter an unprecedented bullish cycle.
🔮 Summary
Solana is gathering all the factors:
Strong breakout technique
Institutional money is flowing in
Complete rounded bottom pattern
The altcoin market is heating up
All indicators show that SOL is "fueling up" for a significant flight. If the trend continues, it is not excluded that Solana will soon reach $260 and move further towards the $350–$370 range in the coming months.