Solana (SOL) continues to attract trader attention as its monthly chart structure indicates a large ascending triangle formation.
Technical Indicators Signal a Build-Up Before Breakout
According to analysis prepared by GemXbt on X, Solana is showing signs of bearish pressure in the short term, as it trades below the 20-day moving average. The price recently touched $161.56 near a strong support area.
Market Structure Builds Support as Fundamentals Strengthen
Currently, Solana is trading at $171.11 with a 24-hour volume of $2.32 billion. While the asset faced a 1.06% decline over the past week, it remains up 27.3% over the last 30 days. Support from the 50-day and 100-day simple moving averages offers a constructive technical backdrop.
Conclusion: Prospects for Solana
If SOL maintains support at $165 and breaks $176, the ascending triangle breakout could initiate a move toward $200. Analysts emphasize Solana's stable fee model compared to other Layer-2 projects.
Solana continues to draw trader interest and may be on the verge of a breakout if the current support holds and key resistance levels are reached.
