As Solana (SOL) breaks out of a multi‑week pattern, some market observers 
suggest a retest of a key resistance level could be on the horizon. 
Nonetheless, they also warned that the next leg up could be short‑lived if 
momentum fails to hold. Related Reading: $150M Crypto Ponzi Crumbles: $41.5M 
Frozen In DSJ Exchange Collapse Solana Breakout Targets Key Resistance On 
Wednesday, Solana jumped 4.2% on the daily timeframe, retesting the $90 area 
for the first time in nearly a month before retracing. The cryptocurrency has 
been in the $75 to $96 price range since the early February market crash, 
failing to reclaim the upper zone of this range during this period. Amid 
today’s surge, analyst Ali Martinez highlighted that Solana was breaking out 
of an eight-week symmetrical triangle formation, which could lead to a rally 
toward the local range’s upper boundary. As he explained, a spike in buying 
pressure could push SOL’s price to $92, a key horizontal resistance over the 
past three months in the daily and weekly timeframes. If this level is 
reclaimed, the cryptocurrency’s breakout could extend toward $96, a level not 
retested since the mid-March market rally. In addition, CryptoRand noted that 
after its recent price jump, Solana has also broken out of its eight-month 
downtrend, suggesting that a bullish reversal could be on the horizon if this 
level holds. However, market observer Daan Crypto Trades pointed out that the 
altcoin has been consolidating within a 10% range for three months, recording 
its lowest volatility in years. As a result, the analyst affirmed that a big 
move would happen sooner than later, but the direction “will entirely depend 
on which side breaks first. It won&#8217;t be a move to fade (…). Likely to see at 
least a 20-30% leg following the break of this compression.” SOL To Rally 
Before Next Dump? In an X post, Altcoin Sherpa noted that Solana has 
underperformed all other majors over the past few months. Unlike Bitcoin (BTC) 
and Ethereum (ETH), SOL has not been able to retest or break out of its three- 
month range despite the recent market recovery. The analyst affirmed that the 
altcoin needs bullish conditions and BTC’s price to stabilize to continue 
climbing higher. Meanwhile, More Crypto Online underscored the importance of 
SOL’s overall context in a video analysis. He explained that “on the higher 
timeframe, there is no sign whatsoever that we have a meaningful low in 
place,” and that “the upside reaction from the February low was just too weak. 
And the structure that’s even more important does not currently support a 
long-term rally.” The analyst pointed out that there is “a lot of resistance 
along the way,” but noted that a counter-trend rally to the $110-$140 area is 
“a very reasonable expectation” to form a top as long as the February lows 
hold. Related Reading: Bitcoin Targets $86,000 After Key EMA Reclaim: Is The 
Next Rally Here? Nonetheless, he considers that “from there, there’s a good 
chance of going lower, possibly either in a fifth wave down to complete a 
larger correction in a so-called wave four, or like Bitcoin, the expectation 
is a more meaningful correction into the mid $30 region.” “So, the market 
might just need to move up a little bit to complete this correction. Make the 
crowd bullish again so that the new sellers can come in,” he concluded. 
Featured Image from Unsplash.com, Chart from TradingView.com

Solana Eyes New Leg Up After Triangle Breakout – Is $96 The Next Stop?

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Solana Eyes New Leg Up After Triangle Breakout – Is $96 The Next Stop?

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