Solana Surges above $230 Support Level, Targeting a Bullish

Key Insights:

• Solana breaks $230 support, targeting a breakout to $1,314.41, fueling bullish optimism.
• The cup and handle pattern suggests strong growth, with Solana surpassing key Fibonacci levels.
• MACD bullish cross points to long-term growth, targeting price levels of $374.24 and $856.81.

Solana ($SOL) has surged past the $230 support level, prompting a strong bullish outlook. Solana could be heading toward a potential breakout targeting $1,314.41. This movement follows a series of positive technical indicators that suggest further upward momentum for the cryptocurrency.

Technical Analysis Points to Strong Bullish Potential

Analyst Ali_charts points to a breakout from a cup and handle pattern on the Solana weekly chart. This pattern has led to upward momentum, with Solana surpassing key Fibonacci retracement levels like 0.236 ($18.74). 

These levels mark critical stages of Solana’s recovery. The analyst highlighted that the move above these levels signals strong bullish potential, setting the price path toward $295.11.

The next target is seen at $1,314.41, with further upside anticipated as the crypto market remains optimistic. The chart suggests that after a steady growth phase in 2023-2024, Solana is now poised for another major rally.

Double Bottom Breakout Strengthens Bullish Momentum

However, analyst BitGuru identifies a double bottom formation as the catalyst behind the recent surge to $232.87. This pattern typically signals a reversal in a downtrend, and Solana’s breakout above key resistance levels has reinforced a bullish outlook. 

The rise above the $210 support level reflects Solana’s capacity to sustain upward movement. As Solana approaches higher price levels, this breakout continues to fuel optimism among traders, strengthening the expectation for further gains.

As of the time of writing, the live Solana was $240.03 with a 24-hour trading volume of $8.19M. Solana is down 0.02% in the last 24 hours.

MACD Bullish Cross Suggests Long-Term Growth

Moreover, Solana’s bullish momentum is also supported by a MACD crossover on its monthly chart. Analyst Morecryptoonl points out that the crossover suggests a strong upward trend. This indicator is often seen as a signal for continued price increases. “

The bullish cross on the MACD is a positive sign for Solana’s future growth. Key price targets based on Fibonacci levels are $374.24, $566.26, and $856.81. The bullish sentiment surrounding Solana’s price action indicates that the cryptocurrency could see significant growth in the months ahead.

Solana’s price movement continues to show strong potential, with analysts anticipating further upward momentum following the recent bullish signals.