Solana (SOL) Primed for Explosion: $179 Breakout In Sight as Bulls Take Aim

Solana''s price action is flashing green—and traders are loading up for the next leg up.

Target locked: $179.

The Layer-1 blockchain—once dismissed as an ''Ethereum killer'' that couldn''t kill a fly—is now eating market share while dodging the congestion issues plaguing its rivals. No wonder SOL holders are grinning like degens at an airdrop farm.

Technical setup screams breakout. After consolidating in a tightening range, SOL/USDT just punched through resistance with volume that''d make a CEX blush. The measured move? A 22% rally to $179 if bulls hold this ground.

Of course, nothing''s guaranteed in crypto—where ''fundamentals'' often mean ''which influencer shilled it last.'' But with Solana''s NFT volumes overtaking Ethereum''s (again) and institutional FOMO creeping back? This rocket might just have fuel left.

Just remember: In a market where ''wen lambo'' counts as financial planning, even sure bets can melt faster than a shitcoin''s liquidity.

• Solana (SOL) trading near the $145 demand zone suggests a potential bullish reversal.
• RSI approaching 20 indicates deeply oversold conditions and the likelihood of a short-term bounce.
• MACD remains bearish, but holding above $140 support could trigger a trend reversal.
• Trade setup: stop-loss at $139.21 with profit targets at $160.65, $168.22, and $179.32.

SOL is gaining attention in the crypto space and experiencing a surge in its price with the overall market. As the overall market is turned from bearish to bullish, It is trying to regain its prior bullish structure. The Relative Strength Index (RSI), which is a famous bullish indicator, is showing oversold territory. Both traders and investors are closely watching this coin and expecting a breakout potential.

At the time of writing, SOL is trading at $145.05 with a 24-hour trading volume of $6.13B and a market cap of $76.27B. Its price is hit by market volatility, and over the last 24 hours, its price is down by 8.70%, and over the last week, it is also down by 4.15%, but also showing high potential for the next major rally.

Source: CoinMarketCap

SOL Eyes Breakout and Poised to Break $179

A prominent crypto analyst highlighted that SOL’s recent backtracking to a structurally pivotal zone of $144 to $145 is an old level of support that’s served as a launching point for bullishness in the past. This re-entry into an important level, following its recent downtrend, could be the beginning of the reversal. The technicals indicate that traders will be looking for signs of accumulation as the setup is conducive to a reversal higher. Currently, with SOL hovering above $145.06, bulls can look to this as a high-probability entry with well-defined risk parameters.

Source: X

The planned trade setup has the stop-loss around $139.21 with three profit targets of $160.65, $168.22, and $179.32. The setup has an attractive risk-reward profile for those looking for a bounce. But a breakdown below that zone could cause further downward momentum. As in all crypto markets, there is high volatility, and risk management is paramount.

Technical Outlook Represents bullish Reversal for SOL

Moreover, another analyst highlighted that SOL has become deeply oversold, with the Relative Strength Index (RSI) just shy of 20, a level that frequently predicts a near-term bounce. This indicates bearish momentum is potentially extended, potentially setting the stage for a relief bounce. The $140 support level is crucial, having previously served as a strong price floor during periods of market downturn. Remaining above this level could attract fresh buying interest and reinforce recent weakness.

Source: X

Despite this, bearish momentum persists, as indicated by continued negative signals from the MACD, which is still trending downwards. Nevertheless, sellers are looking for any reversal signals in case support is maintained. The next level of resistance is $160, a key level to clear for further upside. Though caution remains, technical traders are closely monitoring for any signs of a bullish shift that could signal a near-term trend reversal.

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