Solana Breakout Threatens to Send Price Soaring Above $94
Solana's price is showing strength against both the US dollar and Bitcoin as two bullish setups develop across different timeframes. Analysts are looking at a potential breakout that could send SOL towards $94.
The first setup involves Solana testing a long-term support zone against Bitcoin, which previously acted as resistance during the 2021 cycle. Analyst CryptoCurb believes the SOL/BTC pair has formed a bottom and could begin a period of relative outperformance.
To confirm this, the pair must hold support around 0.0010-0.0012 BTC and break its multiyear descending trendline. Reclaiming 0.0015 BTC, followed by 0.0020 BTC, would provide stronger confirmation that momentum is shifting towards Solana.
The second setup involves a bull flag breakout above the 200 EMA on the four-hour chart. Analyst BATMAN noted that SOL remains above its 200-period exponential moving average, keeping the short-term structure bullish.