Solana News Today: Solana Breaks $175 Resistance With 11.94% Weekly Gain And $300 Target In Sight

Solana (SOL) has recently broken through the $175 resistance level, a key technical milestone that has shifted the narrative around the cryptocurrency. Trading at $180.37, SOL has seen a 11.94% gain over the past week with stable performance in the last 24 hours. This breakthrough has transformed the $175 level into a strong support zone, reinforcing the bullish case for further upward movement [1].

The move is supported by a significant increase in trading volume, which has reached $6.56 billion—a 13.55% rise in a single day—indicating growing market participation and confidence in the asset [1]. With a current market capitalization of $97.29 billion, Solana remains one of the top-performing cryptocurrencies this month. The weekly chart shows a series of higher lows, reflecting sustained buying interest after a prolonged correction from its late-2024 highs [1].

Market analysts, including WebTrend, suggest that Solana is forming a multi-year cup-and-handle pattern, a well-known bullish formation that dates back to 2021. The pattern’s neckline resistance is currently just below the $260 level. SOL is currently forming the handle of this pattern, inching closer to the breakout zone. A decisive move above this level on strong volume could trigger a substantial upward trend [1].

In terms of technical targets, Fibonacci retracement levels indicate key price points for the near future. The immediate targets are at $219 (61.8% retracement) and $245 (75% retracement). According to analysts, these levels are critical for maintaining the bullish momentum and aligning with the larger cup-and-handle breakout scenario [1].

Derivatives market data further supports the positive outlook. CoinGlass reports that derivatives trading volume for Solana has increased by 5.19% to $25.09 billion, while open interest has risen by 1.43% to $10.04 billion. The open interest-weighted funding rate stands at 0.0011%, signaling a balanced but slightly bullish sentiment among traders [1].

The $185 level has become the immediate focus for traders and analysts, acting as a key resistance point with a concentration of short positions. A clean break above this level could result in a short squeeze, forcing short sellers to cover their positions and potentially accelerating the upward trend. Reports also indicate that a large whale trader has over $190 million in unrealized losses on short positions, and a sustained price increase could lead to forced covers, adding to upward pressure [1].

If Solana maintains its current momentum and holds above key support levels during pullbacks, the next move could mark a transition from a period of consolidation to a decisive upward trend. Analysts such as WebTrend have pointed to a potential $300 price target, which would represent approximately 66% upside from the current price [1].

With the $175 resistance level now acting as support, and key technical and sentiment indicators in place, Solana is well-positioned for a potential macro breakout. The market is closely watching for confirmation of the next move above $185, which could serve as the catalyst for an accelerated rally toward $219, $245, and ultimately the $300 level [1].

Source:

[1] Solana (SOL) Price: Breaking $175 Resistance Level with $300 Target in Sight https://blockonomi.com/solana-sol-price-breaking-175-resistance-level-with-300-target-in-sight/