Solana Breaks Resistance Trendline, Price Surges 1.15%

Solana, a prominent cryptocurrency, has recently broken out of a long-term descending resistance trendline, marking a significant shift in its market dynamics. The asset's price has surged above the $149.71 support zone, a critical level that must be maintained to sustain the recent bullish momentum. This breakout follows a period of consolidation and repeated rejection attempts around key resistance levels, notably on June 7 and June 14.

The breakout from the compression pattern was particularly notable, as it pushed SOL past the $149.71 resistance with a sharp move. This pattern, characterized by converging trendlines, had compressed price action into a wedge, heightening directional pressure. As of the latest update, the price action sits slightly above the breakout point, trading at approximately $151.56, down 1.15% in the last 4 hours.

The green zone between $149.50 and $151.00 now serves as immediate support, having previously acted as resistance. A successful retest in this area could validate the breakout, potentially allowing bulls to regain short-term control. The horizontal green bands mark previous consolidation zones, which often act as buffers during volatility. However, the current candle formation suggests some indecision, with price action briefly touching the red resistance trendline before pulling back slightly. This rejection hints at market hesitation, especially with the lack of strong volume confirming the move.

If the $149.71 level fails to hold, the next visible demand zone lies between $140.00 and $137.00. This zone captured prior buying interest on June 26 and may serve as a possible rebound zone if downside pressure continues. This zone is also intersected by an ascending trendline that links recent lows, indicating further technical significance.

In summary, the current structure hinges on the support at $149.71. This level will determine whether SOL maintains upward momentum or reverts into its prior consolidation range. The asset's ability to hold above this support zone will be crucial in the coming days, as it eyes the next resistance level at $154.17. A failed retest could lead to a retrace toward the $140.00–$137.00 demand zone below, highlighting the importance of this key retest move.