Solana Breaks Trendline, Targets $120 as Resistance Levels Loom
Solana has broken above a major descending trendline after weeks of price compression inside a symmetrical triangle, according to analysis from Michaël van de Poppe.
The daily chart shows SOL moving above the resistance line near $75, supporting Ted Pillows' view that the consolidation may be resolving to the upside. The move has pushed Solana through the trendline that capped rallies since the market traded near $99 earlier in the chart.
The immediate question is whether SOL can confirm the breakout rather than slip back into the pattern. A daily close above the former resistance area around $74-$75, followed by continued buying, would strengthen the bullish setup.
The next visible resistance sits around $77.50-$80, where several previous price swings stalled. If SOL pulls back but holds roughly $74-$75, that would suggest buyers are successfully turning previous resistance into support.