Solana (SOL) is currently retesting its breakout zone near $159, maintaining bullish momentum as it targets key Fibonacci levels up to $185.28.
The price action is supported by a rising trendline from late June and reinforced by short-term moving averages, indicating sustained buying interest.
According to COINOTAG analyst Ali (@ali_charts), the breakout-retest pattern on the daily chart signals a strong potential for continuation toward higher Fibonacci targets.
Solana retests breakout near $159 with bullish momentum intact, eyeing Fibonacci targets up to $185.28 supported by trendline and MACD crossover.
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Solana’s Breakout-Retest Pattern Signals Potential Upside to $185.28
Solana’s recent price movement demonstrates a classic breakout-retest structure, a technical pattern often indicative of trend continuation. After breaking above the critical $160 resistance level, SOL surged to the $166.77 Fibonacci extension before retracing to retest the breakout zone near $159. This retest aligns with a rising trendline established since late June, providing a robust support base. The confluence of the trendline and the Fibonacci golden pocket (0.786 level at $150.97) further strengthens the bullish outlook, suggesting that the current pullback is a healthy correction rather than a reversal.
Key Fibonacci Levels Define Next Potential Targets for Solana
Should Solana hold above the breakout zone and reclaim $160 with increased volume, the next logical price targets are defined by Fibonacci extensions at $166.77, $171.69 (1.414 Fib), $179.01 (1.618 Fib), and ultimately $185.28 (1.786 Fib). These levels represent critical resistance points where traders may anticipate profit-taking or consolidation. Maintaining price action above the rising trendline will be essential for sustaining upward momentum. Conversely, a break below this trendline could open the door for a deeper retracement toward $150, highlighting the importance of monitoring support zones closely.
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Short-Term Technical Indicators Reinforce Bullish Sentiment
Despite a modest 1.99% pullback in the past 24 hours, Solana’s short-term technical indicators remain constructive. The price is currently trading above the 9-day and 21-day exponential moving averages (EMAs), which act as dynamic support levels near $154. This positioning suggests that demand remains strong and the bullish trend is intact. Additionally, the Moving Average Convergence Divergence (MACD) indicator has recently exhibited a bullish crossover, signaling early momentum in favor of buyers. While trading volume is currently subdued, the overall price structure favors a continuation of the upward trend if SOL can decisively break and hold above $160.
Market Outlook and Trader Considerations
Solana’s current price near $160.28 reflects a 9.08% gain over the past week, underscoring growing investor confidence. Traders should watch for a sustained bounce above the $160 level to confirm bullish continuation toward the $185 target. Risk management remains crucial, as a failure to maintain support around the breakout zone could lead to further downside pressure. Monitoring volume trends and key moving averages will provide additional insights into the strength of this move.
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In summary, Solana’s retest of its breakout zone near $159, supported by a rising trendline and positive short-term indicators, suggests a strong potential for continued upside toward Fibonacci targets up to $185.28. While cautious observation of support levels is warranted, the prevailing technical setup favors buyers aiming for the next leg of the rally. Investors and traders should remain attentive to volume and price action around the $160 mark to gauge the sustainability of this bullish trend.
Source: https://en.coinotag.com/solana-retests-breakout-zone-near-159-eyeing-potential-move-toward-185-targets/