Solana’s price has demonstrated significant technical strength by conclusively breaking above the $149 resistance level, transforming it into a support base.
The breakout follows the completion of a bullish ‘Cup & Handle’ pattern identified on the asset’s 4-hour chart, further validated by key technical indicators signaling upward momentum.
A bullish crossover on the Moving Average Convergence Divergence (MACD) oscillator and the Relative Strength Index (RSI) climbing above the 50-point threshold collectively indicate increasing demand and buying pressure for SOL.
The completion of this classic reversal pattern sets the $168 to $174 price range as the next potential target zone for substantial appreciation, contingent upon SOL retaining support above the confirmed $149-$151 area.
altimtely boosting market confidence, approval for a Solana Exchange-Traded Fund (ETF) appears imminent. Firm REX has submitted its final documents addressing concerns previously raised by the Securities and Exchange Commission (SEC), a crucial step considered the final hurdle before regulatory approval.
This development holds the potential to unlock substantial institutional capital inflows into Solana upon launch.
Adding further weight to the bullish outlook, SOL has simultaneously broken out from a converging symmetrical triangle pattern. This second technical development independently suggests price targets exceeding $165.