Solana (SOL) Breaks Multi-Week Trend, Gains 2.96% in 24 Hours

Solana (SOL) has recently broken above a multi-week descending trend, sparking optimism among traders who are now eyeing higher targets. After consolidating below key resistance levels, SOL climbed above a crucial trendline, indicating a shift in market sentiment as momentum continues to rise. Analysts suggest that this breakout could mark the beginning of a fresh upward leg if key levels hold. However, short-term caution remains due to broader market volatility.

Recent chart analysis shows that SOL traded within a well-defined descending channel for several weeks, consistently forming lower highs and lower lows within this bearish structure. According to analyst Jeremy, SOL has now broken through the upper boundary of this channel. The breakout coincided with a move above the $152.81 resistance level, which may now serve as support. This shift suggests that the bearish trend has weakened, creating room for further upward momentum if buying pressure holds.

Following the breakout, SOL tested the $159.95 resistance level but saw a slight pullback. The intraday high reached $156.49 before settling slightly lower. At the time of reporting, SOL trades at $155.31, showing a 2.96% increase in 24 hours and 1.34% over the past week. Immediate resistance remains at $159.95, followed by $164.54. Should SOL close above these levels, the next upside target could be $180.86. Analysts emphasize the importance of holding $152.81 to maintain bullish momentum in the near term.

Technical indicators show the Relative Strength Index (RSI) has surged to 60.34, confirming increasing bullish momentum. Since RSI has not yet reached overbought levels, there is still room for further upward price action. Analysts interpret the RSI spike as a sign that the breakout is backed by actual market strength rather than short-term volatility. This reinforces confidence in the breakout’s validity, especially if supported by continued volume. Jeremy linked his analysis to broader market sentiment, humorously cautioning against macro news disruptions involving public figures. Similarly, Lana Queen noted that SOL is approaching the $156.50 level on the 1-hour chart, a critical area to clear for a potential rally toward $180.

While Solana’s structure has turned bullish, analysts remain cautious. Events outside the crypto market could affect short-term trends. Still, if SOL holds above $152.81 and breaks past $159.95, technical patterns support a move toward $180 in the coming days, with Jeremy’s $300 target also a possibility.