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Solana has successfully broken out of a key triangle pattern, surging past the $153.50 resistance level and signaling renewed bullish momentum.
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The cryptocurrency currently trades at $157.85, with technical indicators pointing to a potential rise toward the $164 Fibonacci extension target.
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According to COINOTAG analysis, the $152.95 level has now flipped from resistance to a crucial support, reinforcing Solana’s short-term price stability.
Solana breaks triangle resistance, trading at $157.85 with $164 as next target; $152.95 support holds strong amid bullish momentum in crypto markets.
Solana’s Triangle Breakout Signals Renewed Uptrend Momentum
On July 9, Solana (SOL) decisively broke above a symmetrical triangle pattern that had confined its price since late June. This consolidation phase saw SOL oscillate between $148 support and $156 resistance, forming a tight range that culminated in a breakout above the 0.618 Fibonacci retracement level near $153.50. The breakout is significant as it indicates a shift in market sentiment, with buyers gaining control and pushing prices higher. The sustained hourly closes above the triangle’s upper boundary confirm the breakout’s validity, suggesting a continuation of the bullish trend in the near term.
Technical Indicators Support Bullish Outlook for Solana
Fibonacci extension analysis places the next potential resistance around $164, aligning with the 1.272 extension level from the breakout point. This target represents a logical upside objective for traders and investors monitoring Solana’s price action. Additionally, the breakout was accompanied by increased trading volume, reinforcing the strength behind the move. Market participants are closely watching whether SOL can maintain momentum above the newly established support at $152.95, which previously acted as resistance. Holding this level is critical for sustaining upward price action and avoiding a retracement.
Key Support Levels Bolster Solana’s Price Stability
The $152.95 support zone now serves as a pivotal anchor for Solana’s price, having flipped from resistance following the breakout. This level coincides with the 0.618 Fibonacci retracement, a widely respected technical indicator that often marks strong support in trending markets. As long as SOL remains above this threshold, the probability of further gains toward the $164 target remains elevated. Conversely, a breakdown below $152.95 could signal a loss of bullish momentum and potential consolidation or correction.
Comparative Strength Against Bitcoin Highlights Solana’s Resilience
In addition to its USD trading pair performance, Solana has demonstrated relative strength against Bitcoin (BTC), gaining approximately 1.1% in the last 24 hours. This outperformance against the leading cryptocurrency underscores SOL’s growing appeal and market confidence. The current trading range between $152.95 and $158.89 defines a volatility corridor that traders should monitor closely. Sustained hourly closes above the $158.89 resistance level would further validate the breakout and increase the likelihood of testing higher Fibonacci targets.
Conclusion
Solana’s breakout from the symmetrical triangle pattern marks a critical juncture, supported by robust technical indicators and key support levels. The $152.95 zone has transitioned into a strong foundation, enabling SOL to target the $164 Fibonacci extension with momentum. While maintaining this support is essential for continued gains, the current price action and volume trends suggest a positive outlook for Solana in the short term. Investors and traders should watch for sustained closes above $158.89 to confirm the next leg of the rally.
