Key Insights:
- Solana rallies 20% from $175 to $210 after completing a strong double bottom formation.
- Buyers defend $185–$190 support, setting foundation for potential 14% move toward $215–$220.
- Analysts watch $210 resistance; breakout could open path toward $235–$240 supply zone.
Solana (SOL) has completed a double bottom formation on the 4-hour chart, with strong support observed near late July and early August lows. The pattern confirmed firm buying interest at those levels and stopped further downside pressure.
After this formation, SOL rallied sharply. Price climbed from about $175 to above $210, recording gains of more than 20%. Market watchers have labeled this phase a “bullish beauty,” underlining the strong recovery seen in recent sessions.
Support Holds as Bulls Push Higher
Following the breakout, the token attempted a pullback, but support held steady in the $185–$190 range. The ability of buyers to defend this zone has kept momentum intact. Traders now view this level as the foundation for another potential leg upward.
At the current price near $203–$205, Solana is making another push toward higher levels. Projections on the chart point to a possible 14% rise, targeting the $215–$220 area if momentum is sustained.
Key Resistance Near $210
Analysts also point to resistance in the $208–$210 zone, a level where price has faced rejection before. “If $SOL breaks through the selling wall around $210, it will continue to rise to $240,” CW noted, highlighting the importance of this resistance level.
Should SOL clear the $210 barrier, the next supply zone is seen between $235 and $240, offering the next upside target. Until then, the token remains range-bound between support near $190 and resistance near $210.
Market Performance and Outlook
Solana is trading at $203.97 with a 24-hour trading volume of $8.58 billion. The price has increased 9% in the last 24 hours and is up 13% over the past 7 days.
With buyers defending key levels and momentum showing recovery, traders continue to monitor whether SOL can break above the $210 resistance to extend toward the $240 target. Both short-term technical patterns and broader demand zones suggest that bullish control has returned, but confirmation rests on the ability to hold above support and challenge resistance levels.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/solana-soars-20-as-double-bottom-fuels-bullish-breakout/