Solana News Today: Solana Nears $205 Resistance With 7.95% 24-Hour Gains

Solana’s price has formed a bullish ascending triangle pattern, with the $205 resistance level acting as a key psychological barrier after three failed attempts to break through. Analyst Lark Davis noted that this pattern, characterized by higher lows and flat resistance, could lead to a breakout toward $255 if buying pressure intensifies [1]. The structure remains intact, with price cleanly bouncing off a rising support trendline, indicating active buyer participation on dips [1].

Currently, Solana is trading at $202.88, having surged 7.95% in the past 24 hours and 12.08% over the last seven days, according to CoinGecko data. The on-chain activity is also bullish, with trading volume exceeding $9 billion, signaling strong participation among traders [1]. Technical indicators back up the positive momentum, with the RSI at 55.63, suggesting the asset is not yet overbought and could continue rising if the breakout materializes [1].

Market observer Alex Clay added another layer of optimism by highlighting the W-bottom formation on the SOL/BTC chart. This reversal pattern, now completed, suggests Solana may follow Ethereum’s recent trajectory of outperforming Bitcoin [1]. With volume continuing to trend upward, the conditions for a successful breakout above $205 appear increasingly favorable, which could push Solana toward the $255 technical target [1].

The broader market context also favors Solana’s move. With Ethereum experiencing a recent rally, Davis suggested that Solana could serve as a catch-up trade for investors who missed Ethereum’s gains. The combination of favorable chart structure, rising volume, and positive momentum indicators has positioned Solana as a high-conviction trade among traders [1].

However, the success of the breakout will depend on several factors, including the ability to maintain high volume and positive market sentiment during the move. While the technical outlook is constructive, any price action above $205 must be sustained to confirm the pattern’s validity [1].

Source: [1] Key Pattern Puts Solana Price in Play for $255 Breakout (https://blockonomi.com/key-pattern-puts-solana-price-in-play-for-255-breakout-expert-says-sol-could-outperform-btc-soon/)