Solana Tests $205 Resistance After 8% Surge, Analysts Target $255
Solana (SOL) is testing a key resistance level at $205 after an 8% increase in the last 24 hours, reaching $203.5. Traders anticipate a potential breakout towards $255 due to an ascending triangle pattern.
- Solana has faced three rejections at the $205 mark.
- Higher lows and sustained buying pressure indicate building momentum.
- Daily trading volume exceeds $9 billion, supporting the bullish outlook.
Technical Indicators Signal Solana Stability
- Relative Strength Index (RSI) is at 55.63, indicating room for further gains.
- The MACD indicator shows a bullish crossover.
- Increasing trading volume and rebounds from the trendline suggest active buying on dips.
Analyst Alex Clay identified a completed W-bottom pattern on the SOL/BTC chart, suggesting potential outperformance against Bitcoin.
Outlook: Path Toward $255 Breakout
The $205 level is critical. A confirmed breakout supported by strong volume could lead to the $255 target. Analysts warn that failure to maintain above $205 may stall upward movement, keeping Solana in its consolidation zone.
Growing institutional interest and record network activity position Solana as a key asset in the market, with attention focused on the $205 resistance level.
