Solana (SOL) is demonstrating exceptional technical resilience, setting up what many analysts are describing as a textbook bullish continuation pattern. After navigating a period of market consolidation, the SOL chart has decisively flipped a key long-term resistance trendline, converting it into critical support.
The ‘Masterpiece’ Technical Setup: The crucial signal arrived as SOL successfully breached and held the $150 psychological barrier. This breakout confirmed the end of a multi-month descending wedge formation. Furthermore, the 50-day Exponential Moving Average (EMA) has crossed sharply above the 200-day EMA on the 4-hour chart, often interpreted as a preliminary ‘golden cross’ signal indicating strong underlying momentum. This structure shows powerful accumulation rather than simple speculative activity.
Target Rationale to $190: The price projection of $190 is derived from a combination of Fibonacci extension levels and the measured move of the recent accumulation base. This level stands just shy of the previous All-Time High structure (near $210) and represents the next major structural resistance zone, making it a highly achievable intermediate target once current levels are cleared. Volume metrics confirm the move, with transactional volume spiking significantly during the breakout phase.
Key Confirmation Metrics: The Relative Strength Index (RSI) is trending firmly in the bullish zone (above 65) but remains below the overheated threshold (70+), providing ample room for price appreciation. The MACD histogram has maintained positive territory for nearly two weeks, cementing the growing bullish impulse.
Invalidation Level: For this masterpiece setup to remain valid, SOL must hold the support zone around $145. A sustained drop below this level, especially if coupled with high selling volume, would invalidate the immediate bullish thesis and suggest a retest of the $130 range.
Source: SOL chart shows ‘masterpiece’ setup to $190 after key trend turns bullish
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