Solana Builds Momentum as Analysts Eye $178 Target

Solana extends rally with 20% monthly gain.
$155 breakout could push SOL toward $178+.
$180–$200 remains key resistance to watch.

Solana (SOL) is still climbing higher following its break of a critical resistance level, adding to its advantage in the present bullish trend. Another bullish technical formation, the emergence of an ascending triangle pattern, confirms confidence in the market participants. Traders and long-term investors are taking the situation very seriously and looking for a potential sustained run-up. Analysts subsequently suggest that so long as the prevailing momentum continues, this could be the start of a substantial long-term breakout play.

According to recent market data, SOL is selling for $142.62, provided by a $2.29 billion 24-hour trading volume and a $73.9 billion market cap. Over the past day and week, however, Solana has been hit by volatility and posted an impressive recovery over the past month with nearly a 20% gain.

Analysts Set Sights on $178+ as Solana Gains Traction

According to a prominent crypto analyst, Solana is returning after the recent downtrend reversal. The asset has continued to hold support within the $120 – $130 zone, which seems like a launchpad for further upside movement. However, the analyst believes this stability may serve as a launching pad for SOL to try reaching the $178+ resistance, a level not reached since earlier this year, at least.

This sets out a key breakout threshold traders are advised to monitor: 155. A move over this level would decide a new bullish wave. This time around, the ‘purple box’ region is showing to be a historically significant region in the mid-$150s, which was a zone that buyers and sellers alike would flock to in the past.

$180–$200 Range Poses Strong Resistance

Another expert, in a separate analysis, point out that Solana is now trading above a key demand zone that also coincides with a multi-year sizeable ascending trend line, also plotted back in 2020. This trendline has easily provided support during broader market corrections numerous times, reaffirming the asset’s long-term path on the upside.

Market analysts attribute this resilience to strong investor sentiment and further buying pressure. However, the $180–$200 range is a massive resistance zone that has previously been a gigantic sticking point, suffocating each attempt at a breakout recently. A close above that range has been confirmed as a possible catalyst to begin a wave if it were to breakdown and set the stage for a new bull cycle.