Solana News Today: Solana Breaks $178 Resistance on Volume Surge, Eyes $300–$360 Fibonacci Targets

Solana’s price has surged past the key $178 resistance level amid a significant increase in trading volume, marking a critical milestone for the cryptocurrency. This breakout, supported by a robust ascending triangle pattern on the 4-hour chart, has pushed the price to over $203, signaling strong bullish momentum. The surge in volume has validated the strength of the move, with analysts noting that the pattern’s completion over several months reflects accumulated market demand and anticipation [1].

Technical analysis using Fibonacci extension levels has identified potential price targets in the $300–$360 range. The 1.618 extension aligns with approximately $297.65, while the 2.0 level projects a target of around $360.76. These targets are grounded in Solana’s recent price structure and momentum, with analysts emphasizing that sustained trading volume could solidify these levels as attainable milestones within the coming weeks [1]. The price has already risen by over 21% in the past seven days, reinforcing the optimistic outlook.

Underlying fundamental factors further support the bullish trajectory. Solana’s decentralized finance (DeFi) ecosystem has seen its total value locked (TVL) reach $10.45 billion, the highest since January. This surge in TVL reflects growing user adoption and liquidity inflows into Solana-based protocols, aligning with the token’s technical strength. Industry expert Tom Tucker highlighted the correlation between ecosystem health and token performance, noting that the TVL increase mirrors the upward momentum of SOL [1]. The combination of on-chain activity and technical indicators strengthens the case for continued price appreciation.

Market participants are advised to monitor volume trends and ecosystem developments to assess the sustainability of Solana’s rally. The breakout above $178, coupled with the ascending triangle’s resolution, has opened a path for Solana to test new highs. However, analysts caution that while the Fibonacci targets represent logical profit-taking zones, actual price movements will depend on the persistence of current volume and broader market conditions. The DeFi TVL’s growth remains a critical metric, as it underscores the network’s capacity to maintain user engagement and liquidity [1].

Source: [1] [title1Solana Surpasses $178 Resistance Amid Volume Surge, Targets Near $300–$360 Range Possible] [url1https://en.coinotag.com/solana-surpasses-178-resistance-amid-volume-surge-targets-near-300-360-range-possible/].