Solana (SOL) is attempting to reclaim a strong resistance zone for the fourth time, leading some investors to believe this rally won't last long. Nevertheless, on-chain data suggests that SOL's next leg up may be imminent.

Solana breaks the triangle pattern.

On Thursday, Solana broke through one of its key resistance zones, hitting a six-month high of $216. The cryptocurrency rebounded 16% from Monday's low and reclaimed the $200 support level on Wednesday, closing above that area.

SOL briefly reclaimed this level during an early August breakout, but recent market pullbacks have dragged its price down to the $175 to $195 range. In Thursday's rebound, market observer Daan Crypto Trades highlighted its performance, stating it is 'in an interesting position.'

The trader explained that Solana's trading price is in a rising wedge pattern that has persisted for several months and is currently approaching a resistance level that has been maintained for months. Notably, since July, the cryptocurrency has broken through the upper boundary of this pattern multiple times, each time retesting the rising support line.

Daan supports the view on SOL, stating that it performs strongly 'driven by government bond investment tools and may see buying pressure and front-running trades', and noted that 'rising wedges tend to be bearish, but in a bull market, these wedges breaking upward is not unusual.' Based on this and the recent performance of the cryptocurrency, he predicts that SOL will reach higher levels later this year.

Similarly, analyst Ali Martinez pointed out that there is a six-month rising triangle pattern on the altcoin's chart, with a target price of the $360 area. Over the past month and a half, Solana has retested the resistance level of this pattern three times but ultimately failed to convert the $205-207 area into support.

As altcoins break the $210 mark, analysts pose the question: Will the ongoing breakout attempt be successful, or will SOL's rebound be brief for the fourth time?

Is the fourth time charming?

Martinez shared several technical indicators suggesting that Solana may eventually break this pattern and aim for the long-awaited $300 mark. The analyst explained that the social sentiment and on-chain positioning context make the current price trend different from previous attempts.

Unlike previous breakout attempts, the sentiment across the entire community is more subdued this time. 'Historically, euphoric sentiment above the 230 index level coincides with local peaks, as overly optimistic sentiment precedes pullbacks,' he elaborated. According to the analyst's charts, this subdued sentiment indicates 'skepticism rather than concentrated bullish positions.'

Furthermore, after the price surged to $212, profits of approximately $1 billion have been realized, indicating that some traders may still not believe this momentum will hold in this attempt.

He also emphasized that there is a clear accumulation zone below $207, with multiple support zones between $165 and $206, providing a strong foundation for continued upward movement, contrasting sharply with the lack of resistance above the $212 area.

Martinez confidently stated, 'If buying pressure increases, then the path to $300 won't be as difficult.' He added that Solana's fundamentals, including the proposed Alpenglow consensus upgrade, could also provide momentum for a breakout.

He summarized, 'Given that market doubts still exist, with strong accumulation below $207 and minimal resistance above, the probability of success for this attempt is higher than previous failures. If a breakout above $212-215 is confirmed with sustained volume, the market's focus will shift to the $300 target area.'

As of the time of writing, Solana's trading price is $212, up 17% over the week.