Solana (SOL) has exhibited a significant bullish signal by breaking above a symmetrical triangle pattern on its price chart. Trading recently at $157.85, analysts now identify the next key target for the digital asset at $164 based on this technical development.
The breakout gained confirmation through several key observations. SOL demonstrated sustained hourly closes above the upper boundary of the triangle formation, reinforced by a noticeable uptick in trading volume – a technical indicator suggesting conviction behind the upward price move.
Crucially, the $152.95 price level has undergone a transformation in market dynamics. Previously acting as resistance, it has now successfully flipped to become a strong support base. This level is expected to provide the foundation for further upward movement in SOL’s price trajectory.
Adding to the positive momentum, Solana has displayed notable relative strength against Bitcoin (BTC) over the past 24 hours, appreciating by approximately 1.1% against the leading cryptocurrency.
Currently, SOL trades within a well-defined zone between $152.95 and $158.89. The price action’s ability to secure consistent closes above the $158.89 threshold within this range is seen by technical analysts as the necessary confirmation signal for the anticipated move towards the $164 target.