Solana price is breaking the resistance at $188, with an ascending triangle and a rounding bottom forming, indicating a potential price rally towards $260-$350.
Solana is experiencing strong demand amid Bitcoin's declining dominance and the accelerating altcoin season. The coin is currently testing resistance near $188 after breaking through several important technical patterns. The cryptocurrency has successfully surpassed major resistance levels between $175.96 and $185.56 and is poised to target the 2021 highs near $260.
Technical analysis across multiple timeframes reveals compelling evidence that Solana is entering a significant phase of accelerated upward momentum. The daily price chart (2-day timeframe) displays monthly momentum that has generated a 14.64% gain, indicating that Solana is poised for the next phase of growth and a move toward unprecedented price levels.
Breaking the ascending triangle pattern and targeting resistance at the $260 level
The daily price chart of Solana reveals a systematic advance through an ascending triangle pattern as the price breaks through the important resistance area between $185-$190.
Source: TradingView The technical structure indicates that Solana price is holding above the uptrend line, maintaining important support at $160, while the exponential moving average (EMA) provides flexible support for the ongoing upward movement.
A break above the resistance levels between $175.96 and $185.56 would open the door for a price rally towards the 2021 highs near $260 (a 38% increase from current levels). Ascending triangle patterns typically end with a breakout equal to the pattern's depth, currently equivalent to reaching the $260 area. Volume analysis reveals significant institutional participation supporting the upside, rather than small investor speculation. The Relative Strength Index (RSI) at 67.07 suggests further price appreciation before entering the overbought phase.
