Solana forms a large ascending triangle, signaling a potential breakout above $176 soon.
Technical support at $165 and rising volume may drive SOL toward the $190–$200 range.
Solana’s stable fee model and network design boost investor confidence against Layer-2 rivals.
Solana (SOL) continues to attract attention from traders as its monthly chart structure indicates a large ascending triangle. A breakout from this technical pattern could lead to a strong move upward. The market is watching closely as SOL approaches key resistance zones, while maintaining important support levels.
Technical Indicators Signal a Build-Up Before Breakout
According to analysis prepared by GemXbt on X, Solana is showing signs of bearish pressure in the short term, as it trades below the 20-day moving average. The price touched $161.56 recently, near a strong support area, while the RSI approaches oversold territory.
This setup may signal the potential for a bounce, though the MACD remains in bearish territory, suggesting momentum is still weak. On the broader time frame, however, the monthly chart structure points to a massive ascending triangle pattern, which is often associated with bullish continuation.
According to CW8900, a breakout above the sell walls at $173 and $178 could send SOL toward $190. Volume spikes during recent drops indicate active trading, which may support a decisive move when direction is confirmed.
Market Structure Builds Support as Fundamentals Strengthen
Solana is trading at $171.11 with a 24-hour volume of $2.32 billion, according to CoinMarketCap. While the asset faced a 1.06% decline over the past week, it remains up 27.3% over the last 30 days. Support from the 50-day and 100-day simple moving averages offers a constructive technical backdrop.
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According to Helius CEO Mert Mumtaz, Solana’s network design offers a more stable fee structure compared to Ethereum’s Layer-2s. In a post on X, Mert stated, “Anyone who thinks chain revenue is irrelevant is coping.”
He emphasized Solana’s unique parallel fee markets and low median fee volatility, arguing it provides better sustainability and scalability. If SOL maintains support at $165 and breaks $176, the ascending triangle breakout could initiate a move toward $200.
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