Solana (SOL) is displaying a double breakout on its two-week chart, which may mark a significant phase in the market recovery.
Price Action Signals Strength
SOL's cycle bottom in 2022 set a strong base after significant market losses. Since that low, the price has followed a long-term ascending trendline, producing consistent higher lows that continue to act as reliable support.
After more than 500 days of consolidation near $190–$200, SOL recently broke out above this resistance and maintained its structure. This breakout may indicate the consolidation base transforming into a launchpad for upward movement.
Momentum Indicators Confirm Shift
Momentum metrics provide further evidence of SOL's bullish trajectory. The two-week Stochastic RSI recently formed a bullish cross in the mid-zone. This technical signal often aligns with multi-week upward momentum in digital assets.
The 14-period RSI is breaking out from a multi-year downtrend line, demonstrating strengthening market dynamics beyond mere price action.
Market Outlook and Potential
As of writing, SOL was trading at $208.02, with a 24-hour volume exceeding $12.97 billion. Although it dropped slightly by 3.13% in the past 24 hours, it is still up by almost 13 percent in the past week.
As long as SOL continues to climb above $190, the breakout can still be considered valid, with possible targets between $250 and $300.
Traders and analysts are monitoring the two-week candle close. Confirmation of this breakout could suggest the start of a structurally supported trend, where both price and momentum remain aligned.
