Solana News Today: Solana Surges Past $190, Ascending Triangle Targets $300 and $360

Solana (SOL) has surged past $190, breaking out of an ascending triangle pattern that has been forming since March. This technical development has drawn attention to Fibonacci extension levels suggesting potential targets of $300 and $360. The price move, confirmed by closing above the $180–$190 resistance range, is supported by rising on-chain volume and strong momentum indicators. Solana currently trades at $198.20, with analysts highlighting key Fibonacci levels at $220, $241, and $275 as intermediate benchmarks [1].

The breakout aligns with an ascending triangle structure identified by Ali Charts, a pattern historically associated with upward continuation after prolonged consolidation [1]. The formation, which emerged between March and July, features rising lows intersecting a horizontal resistance level. Technical indicators reinforce the bullish case: the Relative Strength Index (RSI) remains above 80, signaling overbought conditions, while the Moving Average Convergence Divergence (MACD) retains strength above its signal line [1].

Market sentiment is further bolstered by Polymarket data, which assigns over 99% odds to the approval of a Solana ETF in 2025 [1]. This forecast has fueled investor confidence, particularly as Solana rallies from a double bottom near $160.18 to a recent high of $204.98. BitGuru analysts note a short-term consolidation phase may occur near $205, a level previously acting as resistance [1].

Fibonacci retracement levels offer additional guidance for potential price movements. The 0.618 level at $145 and the 0.786 level near $174 are now critical support zones, according to Ali’s analysis. A pullback to these areas could validate the pattern’s continuation before targeting the 2.0 extension level at $352 [1]. Historical price reactions at these levels suggest they may act as temporary barriers or catalysts for further gains.

While the immediate focus remains on $220 and $250 as near-term resistance, the broader trajectory implies a test of $300–$360. Analysts caution that volume and structural integrity must hold to confirm the breakout’s sustainability. The current trajectory also hinges on macroeconomic factors and regulatory developments, though the technical setup remains robust.

Source: [1] [title: Solana Breaks Above $190 as Ascending Triangle Targets Point to $300 and $360] [url: https://cryptofrontnews.com/solana-breaks-above-190-as-ascending-triangle/].