The price of the cryptocurrency Solana (SOL) recorded a significant technical breakout after surpassing the ascending triangle pattern, exceeding the resistance level at $166, which corresponds to the Fibonacci level of 1.272.
The technical indicators show further upward momentum if it stays above this level, enhancing the likelihood of continuing the rise towards levels of $171, $179, and $185.
The technical analyst 'Ali', via platform X, described this move as the best breakout seen in the price of the cryptocurrency Solana this month, based on the pattern of rising bottoms and increasing trading volume, both signs of buyers' control in the market.
If the purchasing power continues, the next target may become $185, although resistance levels may trigger some profit-taking.
From a technical perspective, the price remains above the 9-day simple moving average (SMA) at $158, indicating the continuation of the upward trend.
The Money Flow Index (MFI), which reached 76.16, is approaching the overbought territory, reflecting strong liquidity inflow, but it also warns of potential temporary pullbacks or fluctuations at current levels.
Supporting this momentum, the number of active users on the Solana network has risen, reflecting an increase in network adoption.
This increased activity is often associated with stable price performance in cryptocurrency markets.
On the regulatory front, markets are closely monitoring developments from the U.S. Securities and Exchange Commission (SEC) regarding ETF applications related to Solana.
As these orders are witnessing rapid progress.
If approved, this could represent an important step towards facilitating institutional access to the currency and supporting future price levels.
Based on these technical and fundamental indicators, the bullish scenario remains intact, with a need to pay attention to potential pullbacks near current resistance levels.
