Solana Eyes Breakout Towards $140 Target as Price Rebounds from Descending Channel
Solana's price has rebounded from a descending channel and is now trading near its upper edge at $76.80, up 2.66% in the past 24 hours with a trading volume of $1.31 billion.
The Relative Strength Index (RSI) has risen above its moving average, indicating increasing buyer dominance. However, market conditions are not yet overbought.
Analysts believe that if Solana breaks through the upper trendline of the channel, it could drive the price towards resistance at $80 to $84. If the breakout fails, the price may retest support at $74-$75.
Solana's weekly chart shows that it is trading within a large demand zone, which has been attracting buyers during earlier corrections. This setup could encourage moves towards $100, followed by resistance levels near $140 and $200.