- Solana broke out of a triangle pattern, pushing past $153.50 resistance.
- Current price stands at $157.85, with $164 as the next Fibonacci-based target.
- $152.95 has flipped into a key support level post-breakout.
Solana’s price movement on the hourly chart has breached a key resistance, pushing momentum above the symmetrical triangle formation. The breakout occurred near the $152 mark and has since advanced Solana’s price to $157.85. The short-term technical structure now reflects a bullish breakout, supported by Fibonacci retracement zones. The market is closely watching whether Solana can approach the projected $164 level.
Solana Breaks Triangle Pattern Following Consolidation
On July 9, Solana broke out from the triangle pattern that began forming in late June. The consolidation zone held support near $148 and capped resistance near $156. Notably, the breakout followed a sustained consolidation just above the 0.5 Fibonacci level. Solana pushed through the 0.618 resistance near $153.50 and now hovers above this key zone.
The breakout structure was confirmed by increasing hourly price closes above the resistance boundary. Market interest increased after price exceeded the triangle’s upper bound, which aligns with a short-term upside extension.
Solana Maintains Momentum Above Key Support Zone
The current price sits at $157.85, up 3.1% in the last 24 hours. Fibonacci extension levels suggest $164 as a potential short-term target. The 1.272 extension of the triangle breakout projects directly into that range. Resistance has now moved to $158.89, a zone that aligns with previous rejection points on shorter timeframes.
Nevertheless, even with the breakout, Solana cannot keep the upward trend without staying at or above the $152.95 support. This mark is the former resistance level flipped into support. It also aligns with the 0.618 retracement level, which also supports its significance in the short-term price formation.
Momentum Builds Above Support Structure
The support at $152.95 continues to provide a solid base as long as volume sustains current breakout levels. Each hourly candle since the breakout has maintained position above the resistance-turned-support level. Meanwhile, BTC comparisons show Solana gaining 1.1% against the leading asset, further validating its strength.
The current 24-hour trading range between $152.95 and $158.89 defines the volatility zone. Sustained closes above $158.89 could confirm an approach toward $164 based on breakout projections.
