Solana Breakout Sees $120 Target Come into View
Solana has broken above a major descending trendline, gaining technical strength and potentially opening the door to higher levels. The immediate focus is on resistance between $77.50 and $98, with a confirmed move through those levels potentially targeting the $120 area highlighted by analysts.
The breakout follows weeks of price compression inside a large symmetrical triangle, which has been forming since Solana's market traded near $99 earlier in the chart. The move has pushed Solana through the descending trendline that has capped rallies since then.
Michaël van de Poppe notes that Solana is holding a higher-low structure near key support, suggesting buyers are stepping in above the previous major bottom. This could give them another chance to challenge overhead resistance before any move toward the projected $120 area.