Solana Breaks Descending Channel, Targets 206.58, 234.12, 265.25

Solana has recently broken out of a descending channel, marking a significant shift in its price momentum. This breakout has been closely monitored by analysts and traders, who have identified three potential price targets based on Fibonacci levels: $206.58, $234.12, and $265.25. The asset's rebound from the Fibonacci demand zone between 0.618 and 0.786 levels indicates strong buyer interest and a potential bullish reversal.

The breakout from the descending channel is a crucial development, as it suggests that Solana's price may be poised for further upward movement. The structure also shows clean support levels and rising momentum, reinforcing the strength of the movement. The breakout aligns with higher trading volume, further confirming the strength of the upward trend.

Institutional interest in Solana continues to grow, with Upexi Inc. planning to acquire 1.6 million SOL tokens worth $273 million by mid-July. This move reflects long-term support for the Solana ecosystem and follows broader trends where firms view SOL as a strategic asset. The accumulation of SOL by institutional players signals growing confidence in the asset's potential.

Recent trading activity has also been robust, with daily trading volume exceeding $8 billion and $23 million in short positions being liquidated. This activity shows strong buying momentum and confirms the market's interest in Solana. The liquidation of short positions further supports the bullish sentiment, as it indicates that traders are closing their bearish bets in favor of long positions.

Analysts are now closely monitoring key resistance levels and the next move toward the $180 resistance zone. The asset's performance continues to attract attention across both retail and institutional segments, with traders and investors alike watching for further developments. The next potential price target for Solana is $164, which corresponds to the 1.272 Fibonacci Extension line. This level is a key resistance level that traders will be watching closely in the coming days and weeks. If Solana is able to break through this level, it could signal further upward momentum for the asset.