Solana Surges 10% Weekly, Eyes $210 Breakout With 74% Volume Spike

Solana (SOL) has shown strong bullish momentum, trading above $162, with traders anticipating a breakout above $170 to reach the next target of $210. The trading volume has surged by over 74% in 24 hours, indicating increased market participation and reinforcing the positive technical outlook.

Solana’s price action has strengthened above $162, supported by rising volume and bullish momentum. This movement follows a notable 10% weekly gain, with the market capitalization rising to $89.31 billion. Technical charts reveal a series of higher highs and a bullish alignment of short-term moving averages, while the Relative Strength Index (RSI) remains comfortably below overbought territory at 61, suggesting room for further upward momentum.

According to COINOTAG analyst Hailey LUNC, Solana’s recent rebound from a key Fibonacci demand zone provides a solid foundation for continued gains. This technical setup aligns with broader market trends, pointing toward potential targets in the $206 to $210 range. However, Hailey cautions that a weekly close below $145 would invalidate this bullish scenario, emphasizing the importance of maintaining current support levels. Additionally, Solana’s emergence from a prolonged descending channel further reinforces the positive trend, as noted by analyst Carl Moon, who highlights the formation of a higher low and anticipates a retest of resistance near $184.

The broader market structure for Solana remains constructive, with key technical developments suggesting an extension of the upward trend. The asset’s ability to sustain levels above $162 and break through the $170 resistance could unlock a path toward the $210 target. Increased open interest and improving investor sentiment are contributing factors, indicating heightened market engagement. Traders are advised to monitor volume trends closely, as sustained high volume will be critical to confirming the breakout and supporting continued price appreciation.

Solana faces immediate resistance at $170, a level that, if decisively breached, may catalyze a rally toward the $210 mark. Intermediate resistance at $184 represents another significant hurdle, situated between current prices and the ultimate target zone. Market participants should watch for a confirmed close above $170, which would serve as a strong bullish signal. Conversely, failure to maintain support above $157 could lead to consolidation or a retracement, underscoring the importance of these technical thresholds in shaping near-term price action.

In conclusion, Solana’s recent price action, supported by rising volume and favorable technical indicators, positions it well for a potential breakout above $170. Analysts highlight Fibonacci support levels and the formation of higher lows as key factors underpinning this bullish outlook. While the $210 target remains within reach, traders should remain vigilant of critical support levels to manage risk effectively. Continued monitoring of volume and market sentiment will be essential in confirming the sustainability of this upward trend.