Solana (SOL) shows signs of a bullish reversal with strong technical patterns, resistance breakout potential, and investor interest. Discover whether now is the right time to buy SOL and what traders should watch next.

Solana (SOL), the sixth-largest cryptocurrency by market cap, is making waves in the crypto market again. After weeks of weakness, technical signals now suggest that SOL may be poised for a significant breakout.

Solana currently trading around $151.01, Solana has gained 3.52% in the past 24 hours and nearly 12% over the last week, sparking renewed interest among traders and investors.

SOL/USD Daily Chart Shows Momentum Building

Solana’s price action on the daily chart indicates a steady climb from its recent pivot near $120, a zone that aligns with the 0.618 Fibonacci retracement. This level has historically attracted buyers, and this time is no different.

The presence of consecutive green Heikin Ashi candles signals that downward momentum is fading, and buyers may be regaining control.

Currently, SOL is testing the 0.236 Fibonacci level near $152.50. A confirmed daily close above this resistance could open the path to the psychologically significant $160 mark, representing a potential 5.7% upside from its current price of $151.32.

Calculation:

($160 – $151.33) / $151.33 ≈ 5.7%

Should this breakout materialize, the next logical target would be the $180 level, which matches a previous swing high.

RSI and Technical Indicators Signal Bullish Trend

The Relative Strength Index (RSI) is currently at 52.68, above the neutral 50 mark for the first time in weeks. This uptick indicates growing bullish sentiment. If the RSI continues to climb toward 55 or higher, it would further support the bullish outlook.

Additionally, the Bollinger Bands are hinting at a price target of $164, adding another layer of technical validation for upward movement.

Double Bottom Pattern Indicates Reversal

Technical analysts are closely watching a developing double bottom pattern on Solana’s chart, a classic bullish reversal indicator.

This “W”-shaped formation shows two price troughs near $135, separated by a peak around $155. A breakout above the $155 resistance level would confirm this formation, potentially pushing SOL toward the $170–$195 range.

The depth of the double bottom pattern supports a price target in this range, especially if accompanied by a volume surge, which often validates bullish breakouts.

Golden Cross Formation Could Drive Prices to $172+

Solana’s chart also shows signs of an impending golden cross, a bullish signal where the 9-day moving average crosses above the 21-day moving average. Currently trading above a critical inflection point around $147.66, SOL appears to be preparing for another leg up.

If confirmed, this formation could push Solana’s price to $172.51 in the midterm, suggesting a potential 17.2% gain from the recent lows. However, a spike in trading volume will be key to sustaining such a rally.

Current Price Metrics

1. Price: $151.32

2. Market Cap: $80.72 billion

3. 24-hour Volume: $2.44 billion (with volume recently declining by 9.11%)

4. 7-Day Performance: +12%

5. Resistance Levels to Watch: $152.50, $155, $160, $180

6. Support Levels: $140, $130 (0.5 Fibonacci retracement)

Bullish Sentiment Among Binance Traders

Supporting the technical indicators is on-chain sentiment data: Binance traders are increasingly placing long bets on Solana. This behavior suggests broader optimism and belief in SOL’s near-term upside potential.

However, traders must be cautious. While the chart is constructive, a confirmed daily close above $155 is essential to avoid potential fake-outs or sharp pullbacks.

Conclusion: Is Now the Time to Buy Solana?

Solana’s current market setup is encouraging. With technical indicators turning bullish, a developing double bottom pattern, and a potential golden cross, SOL is well-positioned for a breakout, provided it clears resistance at $155.

Whether you’re a short-term trader or long-term investor, Solana is worth watching closely in the coming days.

Stay ahead of the curve! For more in-depth analysis, latest updates, and trading tips on the crypto market, follow the Bitrue Blog today.