Solana Price Breakout Imminent as Bulls Target $116

Solana's price has been gaining momentum after reclaiming key moving averages. The bulls are now targeting a breakout towards $116, and recent technical developments suggest that this target is within reach.

According to Crypto Rover, the SMA-50 turning higher and crossing above the SMA-100 is a bullish signal. This crossover has appeared after Solana reclaimed several important levels, indicating that the market is no longer trading in the same declining structure seen earlier in the year.

The short-term price action is becoming increasingly compressed around the $104-$106 region. A breakout scenario highlighted by SatoshiOwl places $115-$116 as the next major upside objective. Price first needs to clear the upper boundary around roughly $107-$109, after which the move could accelerate towards $110 and eventually the $115-$116 resistance area.