Solana Breaks Trendline, Eyes $120 Target
Solana's price has broken above a major descending trendline after weeks of consolidation within a symmetrical triangle. The move has pushed SOL to $76.56, with a daily candle up roughly 3.9%. According to Ted Pillows, this breakout could be the start of an upside resolution to the compression.
The chart shows that Solana formed lower highs beneath descending resistance while buyers repeatedly defended a rising support line near the June low around $60. This created a symmetrical triangle, indicating steadily compressing volatility before the latest move.
The immediate question is whether SOL can confirm this breakout and hold above the former resistance area around $74-$75. A daily close above this level followed by continued buying would strengthen the bullish setup. The next visible resistance sits around $77.50-$80, where several previous price swings stalled.