Solana News Today: Solana Eyes $692 if $235 Weekly Breakout Confirmed

Solana (SOL) has remained above $69 for over 1.5 years, consolidating since early 2024 as traders closely watch the $235 resistance level on the weekly chart. This price range has defined the coin’s market behavior during a prolonged period of sideways trading, with technical analysts identifying key Fibonacci levels that outline potential future price movements [1].

The 0.618 Fibonacci retracement sits at $69.68, acting as a significant support level that Solana has consistently held above. Analysts suggest that this extended consolidation may indicate long-term accumulation, with buyers maintaining control even during tests of support. The resistance, however, remains concentrated around $235, which aligns with the 0.888 Fibonacci retracement [1].

According to technical analysis, a decisive weekly close above $235 would be a crucial signal for a bullish continuation. Traders believe this could mark the end of the sideways consolidation and the start of a new upward trend. If the $235 level is successfully broken, the next target on the Fibonacci roadmap would be the 1.272 extension at $692. Further targets include the 1.414 extension at $746 and the 1.618 extension at $859, assuming momentum continues [1].

The weekly supertrend currently acts as a dynamic resistance point, capping Solana’s upward momentum. Breaking through this barrier would validate the breakout scenario, signaling renewed bullish potential. Volume trends will be a key indicator; sustained increases during upward moves could confirm that the consolidation phase is giving way to a new expansion phase [1].

If Solana fails to clear $235, the path to $692 remains out of reach, and the asset could continue within the current trading range. In such a scenario, key retracement levels remain in play for potential support. These include $125 at the 0.786 retracement and $85 at the 0.702 retracement, offering possible zones for future recovery attempts [1].

The next major technical event for Solana will depend on whether the weekly close confirms a breakout above $235. If it does, the extended consolidation could transform into a significant rally toward $692, offering a clear technical roadmap for traders and investors [1].

Source: [1] Solana Aims for $692 if $235 Breaks on Weekly (https://cryptonewsland.com/solana-aims-for-692-if-235-breaks-on-weekly/)