Solana Price Surges 9.08% in 7 Days, Eyes $185 Target

Solana's price action has recently formed a breakout-retest structure, supported by a trendline that has been active since late June. This structure suggests a bullish continuation, with key Fibonacci levels at $166.77, $171.69, and $185.28 outlining the next potential targets for the cryptocurrency. The Moving Average Convergence Divergence (MACD) crossover and support above short-term Exponential Moving Averages (EMAs) further reinforce SOL's current trend strength and continuation potential.

According to Ali, a prominent analyst, Solana is displaying an ideal breakout-retest pattern on the daily chart. The cryptocurrency broke through the $160 resistance and reached $166.77, a key Fibonacci extension level, before retracing back to retest the breakout near $159. This retest is occurring at a strategic support confluence, increasing the likelihood of another upward leg. The retest zone is within a rising trendline for price action that began in late June, and the Fibonacci golden pocket was holding during consolidation, adding further weight to the bullish outlook.

Assuming SOL holds above the rising trendline and reclaims $160 with volume, the next targets will be at $166.77, then $171.69, $179.01, and the full move to $185.28. However, if there is a break below the trendline, there is the potential for the asset to retrace further down to $150. Even after a slight pullback in the last 24 hours, Solana continues to show short-term strength, with the price trading above both the 9-day and 21-day EMAs. These moving averages continue to support a bullish structure, suggesting that the trend is still intact.

The MACD has shown a bullish crossover, suggesting early strength in the upside. While volume is currently low, the price structure favors the buyers. If SOL can hold the $154–$159 zone and break back above $160 decisively, the next leg up could happen quickly. Solana is currently around $160.28, up 9.08% over the past 7 days. Traders are looking for a strong bounce above $160 to confirm bullish continuation to the $185 target.

Solana has recently shown signs of bullish momentum, with its native token SOL retesting a critical breakout zone. The cryptocurrency has been fluctuating around the $163.76 mark, following an 11.74% surge in July. Analysts have noted that SOL is currently trading near a strong daily support zone, which could signal a potential trend reversal. This support zone is crucial as it has historically acted as a barrier preventing further declines.

The bullish pattern holds as SOL eyes the $185 mark, which, if reached, would mark a significant milestone for the cryptocurrency. This optimistic outlook is supported by the fact that SOL has been able to maintain its position above key support levels, despite short-term volatility. Analysts have warned of a potential short-term pullback to the $152–$158 range, but they remain bullish on SOL's medium-term prospects, predicting a breakout to the $175–$185 range.

The bullish sentiment is further bolstered by the formation of a chart pattern near a strong daily support zone. This pattern suggests that SOL is poised for a bullish move, with the $185 level serving as a potential target. The cryptocurrency's ability to hold above this support zone will be crucial in determining its next move. If SOL can maintain its position above this level, it could pave the way for a sustained bullish trend, with the $185 mark serving as a key resistance level to watch.