Solana $SOL is once again stealing the spotlight in the crypto world. After bouncing back from $158 and holding firm above $172, the altcoin is trading inside a strong ascending channel that has analysts eyeing a bullish breakout toward $210.
Solana Builds Momentum in Ascending Channel
On-chain analyst Ali Martinez noted that SOL is climbing steadily within a parallel ascending channel. Each dip is being scooped up by buyers, pushing the token back toward mid-channel highs. If momentum sustains, SOL could target the $210 upper boundary, a critical breakout zone that has triggered resistance in previous moves.
The recent reclaim of $172 and the formation of higher lows show strengthening bullish sentiment, especially after SOL met Fibonacci targets at $180 following a breakout from an ascending triangle—a pattern often preceding bullish continuations.
Resistance Zones in Sight Bulls vs. Barriers
Crypto strategist Pentoshi pointed out that the $174–$188 zone has historically served as a tough resistance level for SOL. Since March, the price has tapped this range multiple times without a clear breakout. But with volume rising and sentiment shifting, traders are watching closely.
A daily close above this zone could propel Solana toward $220, according to Pentoshi, signaling a major leg up if volume continues to support the trend. Given SOL’s resilience and clear structure of higher lows, the outlook is leaning bullish.
Derivatives Market Backs the Bulls
Solana’s bullish case isn’t just technical on-chain and derivatives data back it up. Over $10 million in short positions were liquidated in the past 24 hours, indicating that bears are getting squeezed as price rises. Long/short ratios on Binance (2.24) and OKX (1.67) show top traders leaning heavily long, a key indicator of market confidence.
Open interest is rising, and funding rates remain positive, pointing to sustained bullish appetite. With shorts being flushed out and strong institutional interest, Solana could be primed for a bigger move.
