The existing price action has maintained a narrow bullish pennant, implying possible breakout to $185 in case of increased momentum.
Important levels to be aware of are the support at $144.45, and resistance at $157.25, which can potentially provide an additional boost if a break was to be made.
Assuming that SOL breaks above $185, analysts believe the stock can trade higher up to the $250 mark due to excellent buying activity and a demonstrated upward momentum.
Solana (SOL) is currently consolidating within a close bullish pennant shape, which indicates that there could be an upward movement in the coming days. Traders are now holding back to observe if the cryptocurrency is able to surge above its current resistance and start a fresh rally. The prevailing price action indicates that momentum may be being established for a sprint to $185 if the pennant breakout occurs.
SOL Builds Momentum Ahead of Potential Breakout
Currently, SOL is trading at a price of $156.66 with a 24-hour price increase of 6.8%. The price action has been trading above its main support line of $144.45 and now has its eye on resistance at the $157.25 mark.Its 24 hours range is 144.45-157.47 showing low of 144.45 and high of 157.47 and that reflects a rising level of intensity in buying and the tentative shift in trend.
The pennant pattern usually appears after a powerful trend or uptrend that creates a consolidating trading opportunity. Once the price exits this formation, a new upward push is often expected. The current setup underscores this view, with many traders closely watching whether the price can break above the upper boundary of the pennant.
SOL Targets $185 as Bullish Breakout Looms
If SOL successfully clears its resistance at $157.25 and breaks the pennant to the upside, analysts say it could aim for the $185 resistance area next. The $185 level is a key horizontal resistance and a place where selling pressure may increase. A sustained move above it could open the path toward $250 in the days that follow, reflecting a potential strong bullish momentum.
Source:(X)
This kind of breakout would be nearly a 20% rise from the current price and can be supported by rising buying interest. This view for such an upside break is also in line with the technicals, which show strong momentum and healthy consolidation. However, if the price closes below the support of $144.45 again, it would invalidate this view and necessitate a change in view.
Watching the Pennant's Outcome
In the near term, all eyes are on whether SOL can break above its pennant formation and clear resistance at $185. Market participants will be closely monitoring this move to gauge whether momentum can carry the price toward $250 in the coming day.
The post Solana Shows Signs of Rally After Pennant Formation — Will $185 Be the Next Target? appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
