Solana broke out of a triangle pattern, pushing past $153.50 resistance.
Current price stands at $157.85, with $164 as the next Fibonacci-based target.
$152.95 has flipped into a key support level post-breakout.
Solana’s price movement on the hourly chart has breached a key resistance, pushing momentum above the symmetrical triangle formation. The breakout occurred near the $152 mark and has since advanced Solana’s price to $157.85. The short-term technical structure now reflects a bullish breakout, supported by Fibonacci retracement zones. The market is closely watching whether Solana can approach the projected $164 level.
Solana Breaks Triangle Pattern Following Consolidation
On July 9, Solana broke out from the triangle pattern that began forming in late June. The consolidation zone held support near $148 and capped resistance near $156. Notably, the breakout followed a sustained consolidation just above the 0.5 Fibonacci level. Solana pushed through the 0.618 resistance near $153.50 and now hovers above this key zone.
https://twitter.com/ali_charts/status/1943187932782682124
The breakout structure was confirmed by increasing hourly price closes above the resistance boundary. Market interest increased after price exceeded the triangle’s upper bound, which aligns with a short-term upside extension.
Solana Maintains Momentum Above Key Support Zone
The current price sits at $157.85, up 3.1% in the last 24 hours. Fibonacci extension levels suggest $164 as a potential short-term target. The 1.272 extension of the triangle breakout projects directly into that range. Resistance has now moved to $158.89, a zone that aligns with previous rejection points on shorter timeframes.
Nevertheless, even with the breakout, Solana cannot keep the upward trend without staying at or above the $152.95 support. This mark is the former resistance level flipped into support. It also aligns with the 0.618 retracement level, which also supports its significance in the short-term price formation.
Momentum Builds Above Support Structure
The support at $152.95 continues to provide a solid base as long as volume sustains current breakout levels. Each hourly candle since the breakout has maintained position above the resistance-turned-support level. Meanwhile, BTC comparisons show Solana gaining 1.1% against the leading asset, further validating its strength.
The current 24-hour trading range between $152.95 and $158.89 defines the volatility zone. Sustained closes above $158.89 could confirm an approach toward $164 based on breakout projections.
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