Solana’s Bullish Momentum: Ascending Triangle Pattern Signals Potential Rally to $178

Solana’s SOL token is showing strong bullish momentum after breaking through key resistance levels, with technical indicators pointing to further upside potential. The cryptocurrency has formed a classic ascending triangle pattern, a formation often preceding breakout rallies, while maintaining support above its long-term trendline. market participants are closely watching the $178 price level, which could act as a significant milestone for SOL’s continued upward trajectory.

Solana Eyes $178 Breakout as Bullish Technical Patterns Signal Rally Potential

Solana’s SOL token demonstrates robust bullish momentum after breaching key resistance levels, with technical indicators suggesting potential for further upside. The cryptocurrency has formed a classic ascending triangle pattern—a formation often preceding breakout rallies—while maintaining support above its long-term trendline.

Market participants are closely monitoring the $178 price level, which could act as a springboard for accelerated gains if decisively overcome. The asset’s ability to sustain its uptrend despite broader market fluctuations underscores strong investor conviction.

Trading volumes and open interest derivatives data indicate growing institutional participation in SOL markets across major exchanges. The token’s performance continues to outpace many large-cap alternatives, reinforcing its position as a market leader in the current cycle.

Solana Token LLJEFFY Crashes 86.8% After Suspicious ’Legacoin’ Promotion

A Solana-based token, LLJEFFY, surged 2,115% to a $105 million market cap amid rumors of Zerebro founder Jeffy Yu’s suicide, fueled by a now-removed obituary. The token’s rise was further amplified by a posthumous blog post promoting Yu’s "Legacoin" project.

Doubts emerged when the obituary was taken down and local coroners found no record of Yu’s death. The token collapsed 86.8% after investors discovered the deployer wallet remained active, buying tokens during the pump.

SOL Strategies Expands Solana Holdings with $20M Purchase

SOL Strategies, a Canadian publicly traded company dedicated to bolstering the Solana blockchain ecosystem, has acquired an additional $20 million worth of Solana (SOL). The purchase, finalized on May 6, represents the first tranche of a $500 million convertible note facility.

The company secured 122,524 SOL tokens at an average price of $148.96 per token, totaling approximately $18.25 million. "With the closing of our initial $20 million tranche from the ATW facility, we’re executing exactly as promised – strategically acquiring SOL to expand our validator operations and ecosystem position," said Leah Wald, CEO of SOL Strategies.

Solana’s Technology Fuels New Layer-1 Blockchains Aiming to Outperform

Solana has solidified its position as the fastest and most cost-effective layer-1 blockchain, attracting developers to leverage its underlying technology for new blockchain ventures. Around two dozen Solana Virtual Machine (SVM) chains are in development, including layer-1s, layer-2s, and application-specific chains.

Among these, Fogo stands out as an upcoming layer-1 blockchain. It aims to maximize SVM performance by exclusively running the Firedancer validator client on a permissioned validator set with multi-local consensus. Fogo’s strategy hinges on optimizing Solana’s infrastructure to push scalability and efficiency further.