Jun 10, 2025
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Solana Breakout Targets Price Rally to $164 After Recent Recovery
Solana (SOL) has rebounded from a recent market pullback, with a 2.45% weekly increase after hitting a low of $140. The cryptocurrency has recovered from a multi-month downtrend that saw a 14-month low of $95 in early April.
Key Developments
- Despite a previous drop of 11% to the $160 area, SOL regained $150 as support, forming an ascending triangle pattern.
- Analyst Ali Martinez noted a potential 6% rise towards the $164 barrier following a breakout from the triangle formation after reclaiming $155.
- If SOL surpasses the $160 resistance, it could quickly reach around $180.
- The next significant resistance is at $180, which has not been reclaimed despite touching $187 recently.
- Failure to maintain current levels may lead to declines toward the $142 or $135 support areas.
Market Outlook
- Market watcher Jeremy highlighted Solana's break from downtrend consolidation since late May, with price movements between $140 and $187.
- Coinvo indicated SOL's bottom may be reached, suggesting a bullish megaphone pattern could lead to new all-time highs.
- As of now, SOL is trading at $156, reflecting a daily increase of 1.88%.
