$SOL

Solana surged 5.6% to reclaim the $200 level for the first time since February, driven by a confluence of bullish technical, fundamental, and institutional catalysts.

The breakout triggered short liquidations worth over $34 million and reignited momentum across the Solana ecosystem amid a broader rotation towards altcoins.

The breakout above $200 ignites liquidations and bullish momentum

The move on July 22 confirmed a breakout from the ascending triangle on Solana's daily chart, with the $200 level acting as a crucial psychological and technical barrier. The breakout unleashed a cascade of algorithmic buying and liquidated $34.59 million in short positions within 24 hours. The RSI (14) shot up to 79.69, indicating strong —though not exhausted— momentum, while the MACD histogram remained positive at +3.25.

Traders are now watching the next Fibonacci extension targets at $218.52 (127.2%) and $243.47 (161.8%) as potential bullish levels in the coming sessions.

Please Solana, recover.