Solana (SOL) has captured the spotlight in the crypto market this week, showing one of the most bullish chart setups among major altcoins. After reaching a six-month high of $209, SOL experienced a short-term retracement, dipping to $175 before stabilizing near $180. Despite the pullback, multiple indicators suggest that the path toward $260 remains open, making this a critical moment for traders and long-term investors alike.
Bull Flag Signals Continued Momentum
Analysts tracking SOL’s daily charts have identified a clear bull flag formation. This technical pattern occurs after a sharp price surge, followed by consolidation in a descending channel, signaling the likelihood of another upward breakout. Resistance currently lies at $190, and a decisive daily close above this level could pave the way for a rally toward the bull flag target of $258, a potential 41% gain from current levels.
Weekly V-Shaped Recovery Reinforces Optimism
Zooming out, SOL’s weekly chart shows a V-shaped recovery, suggesting that the altcoin has regained momentum after its previous decline. Key support levels at $200 need to hold to maintain bullish momentum toward $220, with the neckline target at $260 representing the potential completion of the recovery pattern. The relative strength index (RSI) has also climbed from 34 to 54, reinforcing the gradual buildup of buying pressure.
Technical Analysts Confirm Uptrend Potential
Market experts agree that the SOL chart remains strong. Jonathan Carter points to an ascending triangle pattern that could drive SOL toward $205, $225, and even $268 if key resistances are breached. Similarly, Crypto King emphasizes the perfect bounce from uptrend support, highlighting a series of higher lows that could propel SOL toward its previous all-time high near $295.
On-Chain Metrics Highlight Network Strength
Beyond price action, Solana’s network fundamentals support the bullish outlook. Rising DeFi dominance, increased transaction fees, and robust throughput indicate growing utility and demand for SOL. This combination of technical and on-chain signals reinforces confidence that SOL’s uptrend may continue in the coming weeks.
Whats Next?
While short-term volatility is always a factor in crypto markets, Solana’s current technical setup, combined with strong network metrics, suggests that $260 is a realistic near-term target. Traders and investors should monitor resistance at $190 and support at $200 closely, as these levels will likely dictate SOL’s trajectory in the weeks ahead.
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