Solana News Today: Solana Forming Triangle Pattern with $168 Breakout in Focus

Solana (SOL) is forming a contracting triangle pattern on the hourly chart, with a key resistance level at $168, as traders and investors closely watch for a potential breakout [1]. This pattern, which develops when price action creates converging trend lines through a series of higher lows and lower highs, typically precedes a significant price move, either upward or downward. Recent price activity suggests that Solana has bounced off the $162 support level, surged above $165, and is now consolidating within a tightening range [1].

The cryptocurrency has pushed above the 100-hourly moving average and the 50% Fibonacci retracement level from its recent decline, positioning itself for a possible continuation of the bullish trend. However, bears remain active near the $170 zone, where the 76.4% Fibonacci retracement level continues to act as resistance. This level aligns with the upper boundary of the contracting triangle, making $168 a critical price level to monitor [1].

Technical indicators present a mixed outlook. The MACD, which measures momentum, is showing signs of weakening despite remaining in the bullish zone, while the RSI stays above 50, signaling ongoing upward pressure. This combination suggests that while the trend remains positive, the pace of the advance may be slowing, prompting traders to remain cautious [1].

A successful breakout above $168 could set the stage for further gains, with the next key resistance at $170 and then $172. A sustained move above $175 might trigger additional buying interest, potentially pushing Solana toward $182, with further upside potential extending to $192. On the downside, however, failure to clear $170 could lead to a pullback. Initial support is expected near $164, with the critical $162 level acting as a key psychological and technical support. A breakdown below this level would shift focus to the $152 support zone, and further weakness beyond $150 could drive prices toward $145 in the near term [1].

The recent price action has drawn attention from both retail and institutional participants, particularly as corporate adoption of blockchain solutions continues to gain momentum. The broader market context, including increased use of digital assets in treasury management and mobile innovation, has also contributed to Solana’s rising profile [2]. Institutional interest is expected to grow as more companies explore the integration of blockchain technology into their financial strategies.

While technical patterns can provide useful guidance, they should not be interpreted as guarantees of future price movement. The cryptocurrency market remains subject to external influences, such as macroeconomic conditions and regulatory developments, which could impact the trajectory of Solana’s price action [2]. Traders are advised to closely monitor both price behavior and indicator readings as the pattern continues to evolve.

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Source: [1] Solana (SOL) Poised for Move – Can It Clear This Barrier? (https://www.mitrade.com/insights/news/live-news/article-3-1019037-20250807)

[2] Solana Breaks Above $165 as Corporate Treasury Race ... (https://www.fxleaders.com/news/2025/08/07/solana-breaks-above-165-as-corporate-treasury-race-and-mobile-innovation-signal-bullish-momentum/)