Here’s Why Solana’s Breakout Above $164 Could Target $174: Key Levels to Watch

Solana ($SOL) is on the verge of a potential massive bullish rally as highlighted by Clifton Fx, an analyst. Recent price actions suggest a strong upward trend for this cryptocurrency. The latest charts present compelling bullish signals, driven by significant technical patterns and key support and resistance levels.

The 2-hour candlestick chart for SOL/USDT reveals a symmetrical triangle pattern. This pattern often signals an imminent breakout. The chart highlights critical support levels at $156.00 and $158.00. Both levels have served as strong support zones, where the price has repeatedly bounced back. Resistance levels, on the other hand, are marked at $161.50 and $164.00. The upper boundary of the symmetrical triangle sits at $164.00, which has recently acted as a significant resistance point.

A breakout above the $164.00 resistance level could propel Solana’s price to new heights. The breakout target is set at approximately $174.00, reflecting a potential gain of about 9.08%. This projection aligns with the bullish trend observed on the chart and overall positive market sentiment surrounding Solana. The symmetrical triangle pattern supports the expectation of a strong bullish movement.

As per analysis by Ali Martinez, a top analyst, the weekly chart for Solana against the US Dollar (USD) on Coinbase presents an ascending triangle pattern. This pattern is a bullish continuation formation, characterized by higher lows and a relatively flat upper trendline, which acts as resistance. 

Key support levels within this pattern are at $120 and $147.07. The resistance level at $163.84 represents the upper boundary of the triangle. A significant resistance level beyond this point is $210, based on earlier highs.

If Solana breaks through the $163.84 resistance, it could trigger a substantial rally. The ascending triangle pattern suggests a potential target around $1,400, reflecting a strong bullish sentiment. As of press time, SOL is trading at $163.08 with a 24-hour trading volume of $2,312,168,378, reflecting a 2.27% increase over the last day.