The cryptocurrency market is witnessing optimistic trends for Solana (SOL), as analysts observe strong technical signals indicating potential growth.
Falling Wedge Breakout
Solana's price broke above the resistance level of $184 after a classic falling wedge formation on the daily chart. Analyst Carl Moon noted that the asset had been stuck in a bearish structure since the beginning of 2025.
However, recent bullish activity confirmed the breakout of the upper edge of the wedge, accompanied by increasing volume and higher lows, indicating further continuation of the bullish trend.
Double Bottom on Weekly Chart
On the weekly chart, Solana's price showed a pronounced double bottom pattern formed between March and June. This pattern suggested that buyers defended the $120 zone twice, leading to a trend reversal.
Notably, this structure resembled a 'W' formation, becoming actionable when the neckline was broken, which was positioned near $189, representing short-term resistance.
Support at $168
Analyst Froggy noted that Solana's price recently broke above key resistance and successfully retested the breakout zone near $168. Holding this level is now viewed as essential for sustaining bullish momentum.
Recent movements have set a support area in the $168 trigger zone, with speculation that a shift to the $186 to $188 range is probable.
The convergence of bullish signals across multiple timeframes adds weight to projections targeting $262, provided that the current momentum holds. A breakout above $189 is likely to trigger further buying pressure.
