Technical Setup and Consolidation
Solana (SOL) has recently shown a strong technical setup on its 2-week chart. The price bounced from the lower support line of an ascending triangle, a pattern commonly associated with upward continuation. The asset is consolidating just above the $110 level, a key area acting as short-term support.
This setup has raised attention across crypto trading platforms, as many view this as early preparation for a potential breakout. Historical price action supports the possibility of this pattern playing out, with past moves also showing strong follow-through after similar consolidations.
Support Test and Triangle Pattern Formation
According to recent chart data, SOL has maintained its structure within a long-standing ascending triangle. This pattern started forming in early 2021 and has consistently held its trendline support through several retests. The latest bounce from the support line took place after SOL neared the $110 area and then began to stabilize.
The ascending triangle is formed by a rising lower trendline and a horizontal resistance zone. In SOL’s case, this upper boundary lies around the $250 level. The price is currently trading near $143, maintaining its position above the lower trendline. The market has not yet broken out of this formation, but conditions appear to be aligning.
Resistance Zones and Price Projections
The chart points to three key resistance levels: $250, $500, and $1,000. These are seen as potential targets if the breakout materializes. The $250 level marks the horizontal resistance of the triangle, while $500 and $1,000 are historical levels from the 2021 rally. These zones could serve as future resistance if momentum continues to increase.
A successful breakout would require strong volume and sustained buying pressure above the $250 level. If achieved, the structure may support a larger upward move. Technical analysis suggests SOL is in breakout preparation, indicating that conditions are being met for such a move.
Although no confirmation has been received yet, market participants are observing the structure’s behavior. Any clear move above $250 could attract more interest, as the ascending triangle often precedes larger trends.