Solana Breaks Three-Month Downtrend Amid Strong Price Gains
The price of Solana (SOL) has broken out of its three-month descending trendline, ending a downtrend that had been in place for several months.
This breakout is significant, as it marks a change from the bearish structure that had characterized the market over the past few months. SOL had been trading below resistance around $98.40, which had previously contained rallies throughout the previous three months.
The move above this trendline has put the upper-$80s and $90 range in focus for traders, with the next visible hurdle sitting around this zone. Beyond that, the previous peak of $98.40 becomes an important target.
Futures activity remains elevated, with heavy liquidation activity observed as SOL advanced toward the mid-$80s. This intense short liquidation can increase buying pressure during rapid advances.