Solana has achieved a significant technical milestone by breaking through the critical $188 resistance zone, establishing a foundation for potential explosive upward movement as itcoin">Bitcoin dominance wanes and altcoin momentum builds. The cryptocurrency has successfully penetrated the major resistance band between $175.96 and $185.56, positioning itself strategically for a potential rally toward its 2021 peak near $260. Multiple timeframe analysis reveals compelling bullish formations, with SOL currently trading at $186.78 and showing monthly gains of 14.64% while maintaining crucial support levels that suggest sustainable upward momentum.
The daily chart analysis reveals a well-structured ascending triangle pattern that has reached completion with SOL’s breakout above the $185-$190 resistance zone. This technical formation, combined with the cryptocurrency holding above its ascending trendline and maintaining key support at $160, creates a bullish framework for continued advancement. The RSI reading of 67.07 indicates room for further growth before reaching overbought conditions, while volume analysis shows substantial institutional participation rather than speculative retail activity. The ascending triangle’s measured move projects toward the $260 target zone, representing approximately 38% upside potential from current levels.
The most compelling bullish case emerges from the 2-day chart, which displays the completion of a massive rounded bottom pattern developed over several months. This formation shows SOL’s journey from highs around $270, through a base-building phase at $105-110 support, and subsequent gradual recovery through higher lows. The recent breakout above $180 resistance confirms the pattern’s validity, with the measured move calculation suggesting potential targets in the $340-350 range based on the pattern’s $160 depth. The monthly perspective indicates SOL is approaching the crucial $265 previous cycle high, which must be overcome to enter uncharted territory toward new all-time highs and complete the rounded bottom’s ambitious price objectives.
