Solana ($SOL ) has returned to the spotlight as experts assess its price potential. A new technical analysis suggests that this cryptocurrency may be on the verge of a significant rally that could push its price above $268, despite recent volatility and declines.

Ascending Triangle Indicates Next Target for Solana

Solana has traded flat for several months after reaching an all-time high of $293 in January 2025. Many believe that this popular altcoin is dead due to price volatility. However, the charts suggest otherwise.

Jonathan Carter, a cryptocurrency market expert on social media X, stated that Solana's price is retesting the upper limit of a long-established Ascending Triangle on the daily chart. Carter noted that this retest follows a failed breakout that attracted investors and caused Solana to enter a consolidation phase.

Carter mentioned that Solana's daily structure shows significant resistance areas around $180–$185, which have limited price gains multiple times this year. A recovery in this area could allow SOL to regain $205 and $225, with a breakout opening up the opportunity to rise to $268. A jump to these higher targets would see this cryptocurrency increase by 13.26%, 24.31%, and 48.07% from $181.

The analyst's chart shows the 100-day Moving Average (MA) is nearly below the current level, supporting a positive reversal. Volume patterns indicate increasing accumulation interest. Carter stated that Solana's price is currently between $165 and $190. However, the narrowing shape of the Ascending Triangle suggests a potential breakout.

If buyers can defend the current area, Solana's recovery could be greater, based on its history of significant rallies when market conditions improve and resistance levels are surpassed.

Based on Solana's price behavior, this cryptocurrency may decline before bouncing back. His 8-hour chart on X indicates that SOL, trading above $181, could drop below $160.

Analysts predict that buyers will prevent the price from dropping below $160. The expected weakness of Solana could trigger a larger bounce.

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