Solana, known as SOL in the cryptocurrency market, has shown stability in the volatile market conditions by moving within converging trendlines, resembling a pennant formation on the four-hour chart. This pattern suggests a period of rest after a surge in bullish momentum.

During a phase of consolidation where Bitcoin (BTC) fluctuated between $69,000 and $71,000, SOL remained resilient and saw a 12% surge, approaching the $200 mark in ongoing trading.

Despite SOL's prior peak of around $250 in the 2021 bull run, indicators now suggest a potential for new highs. Various indicators indicate bullish momentum for SOL, with the RSI slightly above 70, marking an "overbought" status, and the MACD line exceeding the signal line. The 20-period EMA at $117 further supports the notion of an upward trajectory.

In early March, SOL broke away from the trading range of $80 to $125, signaling a move into price discovery mode. However, to reach its previous high, SOL would require a significant increase almost twice the upper limit of its previous range.

The $200 resistance level remains critical for SOL, as it faced rejection in March. With a positive market sentiment and the excitement surrounding Bitcoin's upcoming halving event, SOL appears set to achieve new milestones in the near future. Backed by solid technical analysis and favorable market conditions, Solana is eyeing a potential twofold increase from its previous trading range to hit new all-time highs in April.