Solana Breaks Above Downtrend Channel, Targets $213
Solana (SOL) has broken above a descending parallel channel, shifting its market structure. This breakout suggests potential upward movement towards $213. Key points include:
- Breakout follows weeks of price action within a descending channel.
- The price recently moved above the channel's midline, indicating bullish momentum.
- Two catalysts: completion of the FTX estate unlock on March 1 and inclusion in the U.S. Strategic Crypto Reserve.
- $213 target based on channel height and Fibonacci retracement levels.
- Current price retesting previous resistance around $160-165 as support.
- Key Fibonacci levels above current price of $170.19 are $174.11, $192.62, $213.11, and $241.50.
- Analysts support bullish sentiment, noting weekly candle closes in green and a potential for further upward movement.
- At press time, SOL traded at $164.
